Class Action Lawsuit Filed Against Healthways Inc. by Dyer & Berens LLP

DENVER, June 6, 2008 (LAWFUEL) — Dyer & Berens LLP
( today announced that it has filed a class action
lawsuit in the United States District Court for the Middle District of
Tennessee on behalf of purchasers of Healthways, Inc. (“Healthways” or
the “Company”) (Nasdaq:HWAY) common stock during the period between
October 17, 2007 and February 26, 2008, inclusive (the “Class Period”).
The complaint charges Healthways and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.

If you are a purchaser of Healthways common stock during the Class
Period, you have the legal right to petition the Court to be appointed
a “lead plaintiff.” A lead plaintiff is a representative party that
acts on behalf of other class members in directing the litigation. Any
such request must satisfy certain criteria and be made on or before
August 4, 2008. Any member of the purported class may move the Court to
serve as lead plaintiff through counsel of their choice, or may choose
to do nothing and remain an absent class member. If you are a
Healthways investor and would like to discuss a potential lead
plaintiff appointment, or your rights and interests with respect to the
lawsuit, you may contact Jeffrey A. Berens, Esq. at 1-888-300-3362,
303-861-1764 or via email at [email protected] This e-mail address
is being protected from spam bots, you need JavaScript enabled to view

The class action complaint alleges that the defendants issued false and
misleading statements concerning the Healthway’s financial performance
and prospects. In 2005, Healthways became involved in the Medicare
Health Support (“MHS”) pilot program launched by the Centers for
Medicare & Medicaid Services (“CMS”). According to the complaint,
defendants thereafter improperly failed to disclose that: (i)
Healthways was not meeting the savings targets, among other
requirements, set by CMS. As a result of Healthways’ failure, CMS would
not expand the MHS program to a second phase and the Company would be
required to reimburse CMS for fees received through the program; (ii)
Healthways was in danger of losing at least two existing contracts and
was experiencing slower enrollment in an existing contract due to a
decline in the need for the Company’s services; and (iii) as a result
of the foregoing, the Company had no reasonable basis for its financial
guidance for fiscal 2008. On February 26, 2008, the Company announced
that it was lowering its guidance for fiscal 2008 “due to
slower-than-projected enrollment in a new Health Support program with
one large health plan customer and the recent indication that two
previously anticipated contracts will not materialize during this
fiscal year.” In response, the price of Healthway’s common stock
plummeted approximately 30%, closing below $32.00 per share.

Dyer & Berens LLP specializes in complex class action litigation on
behalf of injured investors throughout the nation. The firm’s extensive
experience in securities litigation, particularly in cases brought
under the Private Securities Litigation Reform Act, has contributed to
the recovery of hundreds of millions of dollars for aggrieved
investors. Its attorneys have served as lead or liaison counsel in many
securities fraud class actions, including: In re Qwest Comm’ns Int’l
Sec. Litig.; Croker v. Carrier Access Corp.; UFCW Local 880-Retail
Employers Joint Pension Fund v. Newmont Mining Corp.; Rasner v.
FirstWorld Comm’ns, Inc.; In re ICG Comm’ns Sec. Litig.; Angres v.
Smallworldwide, PLC; In re Ultimate Electronics, Inc. Sec. Litig.;
Kerns v. SpectraLink Corp.; Queen Uno Ltd. v. Coeur d’Alene Mines
Corp.; Toothman v. One-Stop Wireless of America; Gregg v. Sport-Haley,
Inc.; and In re Tele-Communications, Inc. Sec. Litig.

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