CORVEL CORPORATION (NASDAQ:CRVL) Files An 8-K Regulation FD Disclosure
Item 7.01.Regulation FD Disclosure
On March 21, 2020, CorVel Corporation’s (the “Company’s”) board of directors approved effective immediately the temporary suspension of the Company’s previously authorized stock repurchase program until further notice in order to provide the Company maximum flexibility to focus on serving the Company’s customers as it navigates through the COVID-19 pandemic. In connection with this suspension, the Company terminated its pre-arranged stock trading plan to repurchase shares of its common stock which had commenced on February 24, 2020.
The COVID-19 pandemic has and will continue affecting economies and businesses around the world. The impacts of the pandemic could be material, but due to the evolving nature of this situation, we are not able at this time to estimate the impact on our financial or operational results. Among the factors that could impact our results are: effectiveness of COVID-19 mitigation measures, global economic conditions, consumer spending, work from home trends, supply chain sustainability and other factors. These factors could result in increased or decreased demand for our products and services.
The information contained in this Item 7.01 is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 8.01.Other Events
On March 21, 2020, the Company’s board of directors approved effective immediately the temporary suspension of the Company’s previously authorized stock repurchase program until further notice in order to provide the Company maximum flexibility to focus on serving the Company’s customers as it navigates through the COVID-19 pandemic.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this report, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to the Company’s stock repurchase program. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement.
The risks and uncertainties referred to above include, but are not limited to, the duration and impact of the COVID-19 pandemic on the Company and its customers, the length of the suspension of the Company’s stock repurchase program, whether the Company will resume its stock repurchase program and the amount and timing of any future stock repurchases, if any, if and when the Company resumes its stock repurchase program, and the Company’s ability to repurchase shares of its common stock and how those repurchased shares may be used; the Company’s ability to generate cash; and the Company’s results of operations; and the other factors described in the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2019, September 30, 2019 and December 31, 2019. The forward-looking statements in this report speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
About CORVEL CORPORATION (NASDAQ:CRVL)
CorVel Corporation (Corvel) is a provider of workers’ compensation solutions for employers, third party administrators, insurance companies and government agencies. The Company offers its services as a bundled solution, which includes claims management, as a standalone service, or as add-on services to existing customers. The Company offers its services as a bundled solution, which includes claims management, as a standalone service, or as add-on services to existing customers. The Company’s network solutions include bill review, preferred provider organization (PPO) management, professional review, provider reimbursement, pharmacy services, directed care services, medicare solutions and clearinghouse services. The Company’s patient management services include claims management, case management, 24/7 nurse triage, utilization management, vocational rehabilitation, life care planning, disability management, liability claims management and auto claims management.
