UHS INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Against Universal Health Services, Inc.
January 17 2017 - 5:37PM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been filed on behalf of
investors who purchased or otherwise acquired the publicly traded
securities of Universal Health Services, Inc. (“UHS”) (NYSE:UHS)
between February 26, 2015 and December 7, 2016, inclusive (the
“Class Period”).
If you purchased or acquired the publicly traded securities of
UHS during the Class Period, you may move the Court for appointment
as lead plaintiff by no later than February 21, 2017. A lead
plaintiff is a representative party who acts on behalf of other
class members in directing the litigation. Your share of any
recovery in the action will not be affected by your decision of
whether to seek appointment as lead plaintiff. You may retain Lieff
Cabraser, or other attorneys, as your counsel in the action.
UHS investors who wish to learn more about the litigation and
how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the UHS Securities Class Litigation
UHS is a Pennsylvania-based operator of behavioral healthcare
facilities, inpatient acute care hospitals, and free-standing
emergency departments.
The action alleges that UHS misrepresented and/or failed to
disclose its improper and illicit practice of admitting and holding
patients by exaggerating their symptoms and discharging patients
only after their insurance payments ran out to maximize the
Company’s profits.
On December 7, 2016, BuzzFeed News published an article
detailing its year-long investigation of the Company which revealed
that UHS had a widespread, top-down practice of making patient
admission and discharge decisions based on anticipated profit,
rather than patient care considerations. BuzzFeed News’s
investigation was reportedly “based on interviews with 175 current
and former UHS staff, including 18 executives who ran UHS
hospitals; more than 120 additional interviews with patients,
government investigators, and other experts, and a cache of
internal documents.”
The article stated that “[c]urrent and former employees from at
least 10 UHS hospitals in nine states 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, UHS’s stock price plummeted $15.01 per share,
or nearly 12%, from its previous closing price of $126.37 on
December 6, 2016, to close at $111.36 per share on December 7,
2016.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, Nashville, and Seattle, is a nationally
recognized law firm committed to advancing the rights of investors
and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for fourteen years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs’ bar and that demonstrated unusual
dedication and creativity.” Best Lawyers and U.S. News named Lieff
Cabraser as a 2016 “Law Firm of the Year,” and Benchmark Litigation
selected our firm as one of the “Top 10 Plaintiffs Firms” in the
U.S. for 2016.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170117006577/en/
Source/Contact for Media Inquiries OnlyLieff Cabraser
Heimann & Bernstein, LLPSharon M. Lee, 1-800-541-7358
Universal Health Services (NYSE:UHS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Universal Health Services (NYSE:UHS)
Historical Stock Chart
From Sep 2023 to Sep 2024