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In a press release issued today, Robbins Umeda LLP announced it is commencing an investigation of WebMD Health Corporation. San Diego based Robbins describes itself as “a shareholder-rights litigation firm.”

The focus of the investigation is on whether or not directors and officers the New York headquartered WebMD, a provider of health information services, breached their fiduciary duties to shareholders. Specifically, allegations concerning Chief Executive Officer Wayne T. Gattinella and others in the company charge that improper statements were issued to artificially inflate the value of the company.

Per Robbins, “Beginning on February 23, 2011, officers at the company allegedly issued positive financial statements to investors that failed to reflect adverse material facts about WebMD’s numerous sponsorship cancellations, the extension of legal and regulatory laws, and declining advertisement revenue.”

Chief Financial Officer Anthony Vuolo and others are accused of taking $44.7 million using an insider trading scheme to sell stock options at an inflated price. On July 18, the company issued a release downgrading its fiscal prospects for 2011. WebMD shares proceeded to drop 30% on this news, losing $14.01 in value on a single day.

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