INVESTOR ALERT: Hagens Berman Alerts HCP, Inc. (NYSE: HCP) Investors of Class Action and July 11, 2016 Lead Plaintiff Deadlin...
May 12 2016 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, alerts HCP, Inc. (NYSE:HCP) investors to the newly filed
class action lawsuit and the July 11, 2016 lead plaintiff
deadline.
If you suffered significant losses because of your purchases of
HCP between March 30, 2015 and February 8, 2016 or have information
that will help our investigation contact Hagens Berman Partner Reed
Kathrein, who is leading the firm’s investigation by calling
510-725-3000, emailing HCP@hbsslaw.com or visiting
https://www.hbsslaw.com/cases/HCP . The lawsuit was filed in the
U.S. District Court for the Northern District of Ohio and investors
have until July 11, 2016 to move the court to participate as a lead
plaintiff.
The litigation asserts that Defendants knowingly misled
investors, in part, about the financial condition of the Company’s
largest tenant, ManorCare, and falsely assured investors that
assets HCP acquired from ManorCare and revenue stream from its
leases with ManorCare were secure and unimpaired.
In addition, it asserts that Defendants knowingly misrepresented
that ManorCare had “a long history of compliance with regulations”
in contrast with the fact that the Department of Justice’s lawsuit
against ManorCare claiming it submitted over $6 billion dollars in
false claims for government reimbursements.
When HCP first disclosed, on May 5, 2015, that its ManorCare
assets were impaired by $478 million, HCP’s stock declined by
2.9%.
Then, when HCP disclosed on November 3, 2015 that its equity
interest in ManorCare was impaired by $27 million HCP’s stock
declined by 2.6%.
Finally, when HCP disclosed on February 9, 2016 that its
ManorCare equity interest was worth nothing and its ManorCare
assets were impaired by an additional $836 million, HCP’s stock
price declined 17%.
“HCP’s ManorCare-related problems were clearly material to HCP
investors, who should have been – but were not – fully informed of
them,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public
information regarding HCP should consider their options to help in
the investigation or take advantage of the SEC Whistleblower
program. Under the new SEC whistleblower program, whistleblowers
who provide original information may receive rewards totaling up to
30 percent of any successful recovery made by the SEC. For more
information, call Reed Kathrein at 510-725-3000 or
email HCP@hbsslaw.com.
About Hagens Berman Hagens Berman is headquartered in Seattle,
Washington with offices in 10 cities. The Firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the Firm and its successes can be found at
www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit
the blog. For the latest news visit our newsroom or follow us on
Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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