SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in HCP, Inc. to Co...
June 02 2016 - 9:00PM
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.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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