The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Universal Health Services, ...
January 03 2017 - 4:26PM
Business Wire
Law Offices of Howard G. Smith announces that a class
action lawsuit has been filed on behalf of investors who purchased
Universal Health Services, Inc. (“Universal Health” or the
“Company”) (NYSE: UHS) securities between February 26, 2015 and
December 7, 2016, inclusive (the “Class Period”). Universal
Health investors have until February 21, 2017 to
file a lead plaintiff motion.
Investors suffering losses on their Universal Health investments
are encouraged to contact the Law Offices of Howard G. Smith to
discuss their legal rights in this class action at 888-638-4847 or
by email to howardsmith@howardsmithlaw.com.
On December 7, 2016, BuzzFeed issued a report
revealing the results of its investigation into Universal Health.
BuzzFeed’s investigation was based upon interviews with current and
former Universal Health employees, including executives who had
operational responsibilities in hospitals. The investigation also
included interviews with patients and government investigators.
According to the report, employees from Universal Health hospitals
said they were “under pressure to fill beds by almost any method –
which sometimes meant exaggerating people’s symptoms or twisting
their words to make them seem suicidal – and to hold them until
their insurance payments ran out.”
On this news, shares of Universal Health fell over 12% to close
at just $111.36 per share on December 7, 2016.
According to the lawsuit, throughout the Class Period Defendants
made false and/or misleading statements and/or failed to disclose
that: (1) Universal Health admitted patients based on its own
financial considerations and not upon the medical necessity of the
patient; (2) Universal Health would keep patients admitted until
their insurance payments ran out in order to ensure the maximum
payment for its services; (3) as a result, Universal Health’s
revenues from inpatient care relied on unsustainable practices; (4)
in turn, Universal Health lacked effective internal control
concerning its practices and policies of admitting patients; and
(5) as a result, Universal Health’s public statements were
materially false and misleading at all relevant times. On December
7, 2016, Buzzfeed published an investigative story on
Universal Health alleging, among other things, that Universal
Health put profits ahead of people. On this news, shares of
Universal Health fell $15.01 per share, or nearly 12%, from its
previous closing price to close at $111.36 per share on December 7,
2016, damaging investors.
If you purchased shares of Universal Health during the Class
Period you may move the Court no later than February 21,
2017 to ask the Court to appoint you as lead plaintiff if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights
or interests with respect to these matters, please contact Howard
G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20170103006306/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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