NEW YORK, May 11, 2016 /PRNewswire/ -- Pomerantz LLP
is investigating claims on behalf of investors of HCP, Inc. ("HCP"
or the "Company") (NYSE: HCP). Such investors are advised to
contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether HCP and certain of its
officers and/or directors have violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934.
In 2010, HCP purchased the real estate assets of the
nursing home provider HCR ManorCare, Inc. ("ManorCare"), HCP's most
significant client, and subsequently took a 10% stake in
ManorCare.
On April 21, 2015, HCP disclosed
that the U.S. Department of Justice had intervened in whistleblower
lawsuits against ManorCare concerning billing fraud and filed a
consolidated complaint.
On this news, HCP stock fell $0.48, or 1.11%, to close at $42.85 on April 21,
2015.
Then, on May 5, 2015, HCP
disclosed that it had recorded a non-cash impairment charge of
$478 million related to certain of
its lease arrangements with ManorCare.
On this news, HCP stock fell $1.20, or 2.94%, to close at $39.55 on May 5,
2015.
Finally, on February 9, 2016, HCP
disclosed that its equity stake in ManorCare had been written down
to zero, and that it had taken an $836
million non-cash impairment on its ManorCare lease assets
and placed all of its ManorCare real estate assets on a "Watch
List."
On this news, HCP stock fell $5.66, or 16.65%, to close at $28.33 on February 9,
2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP