INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have Losses in Excess of $100,000 from Investment in HCP, Inc. to Co...
19 May 2016 - 5:12AM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Northern
District of Ohio on behalf of purchasers of HCP, Inc. (NYSE: HCP)
(HCP or the “Company”) common stock during the period between March
30, 2015 through February 8, 2016, inclusive (the “Class Period”).
Investors with losses in excess of $100,000 who wish to become
proactively involved in the litigation have until July 11, 2016 to
seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the
Company’s common stock during the Class Period. Members of the
Class will be represented by the lead plaintiff and counsel chosen
by the lead plaintiff. No class has yet been certified in the above
action.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that HCP’s ManorCare
was engaged in rampant billing fraud that may have generated more
than $6 billion in false claims for reimbursement and that the
value of HCP’s interest in ManorCare was questionable.
According to the complaint, following the April 21, 2015
disclosure by HCP that: (1) the U.S. Department of Justice (“DOJ”)
had intervened in whistleblower lawsuits (while downplaying the
DOJ’s involvement and denying ManorCare’s wrongdoing); (2) the May
5, 2015 disclosure that HCP had recorded a $478 million non-cash
impairment (while still assuring investors that ManorCare had not
engaged in any wrongdoing); (3) the November 3, 2015 disclosure by
HCP of a $27 million impairment charge related to its interest in
ManorCare (falsely attributed to admissions trends instead of
billing fraud): and (4) the February 9, 2016 disclosure that HCP
had written down its ManorCare stake to zero, taken a $836 million
non-cash impairment on its ManorCare lease assets and placed all of
its ManorCare real estate assets on a “Watch List,” the value of
HCP shares declined significantly.
If you have suffered a loss from investment in HCP common stock
purchased on or after March 30, 2015, and held through the
revelation of negative information during and/or at the end of the
Class Period and would like to learn more about this lawsuit and
your ability to participate as a lead plaintiff, without cost or
obligation to you, please visit our website at
http://www.browerpiven.com/currentsecuritiescases.html. You may
also request more information by contacting Brower Piven either by
email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Brower Piven also encourages anyone with information regarding the
Company’s conduct during the period in question to contact the
firm, including whistleblowers, former employees, shareholders and
others.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
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version on businesswire.com: http://www.businesswire.com/news/home/20160518006358/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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