Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Universal Health Services, Inc. Invest...
January 05 2017 - 1:28PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) 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 Lesley Portnoy of GPM to discuss their
legal rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.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 Lesley
Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com, or visit our
website at http://glancylaw.com. If you inquire by email please
include your mailing address, telephone number and number of shares
purchased.
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/20170105006215/en/
Glancy Prongay and Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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