Cases
U.S. Physical Therapy, Inc. (NYSE: USPH)
Securities Class Action
Overview
Overview
- Date:
- 4/3/2017
- Class Period:
- FROM 5/8/2014 TO 3/16/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, April 3, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who acquired U.S. Physical Therapy, Inc. (NYSE: USPH) securities between May 8, 2014 and March 16, 2017 (the “Class Period”).
The Complaint alleges that throughout the Class Period, Defendants failed to disclose: (1) that the Company had a material weakness in its internal controls over accounting and financial reporting; (2) that the Company improperly accounted for redeemable non-controlling interests of acquired partnerships in violation of Generally Accepted Accounting Principles; and (3) that, as a result, the Company’s financial statements for the years ended December 31, 2014 and 2015, all quarters within 2014 and 2015, and the first three quarters of 2016 contained material errors. As a result of the foregoing, Defendants’ statements about USPh’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis throughout the Class Period.
On March 16, 2017, the Company disclosed that its historical accounting for redeemable non-controlling interests of acquired partnerships was incorrect and that the error would result in the reporting of a material weakness in internal controls over financial reporting. The Company further disclosed that, because of the error, the Company’s previously issued financial statements for the years ended December 31, 2015 and 2014, and all quarters within 2014 and 2015, and the first three quarters of 2016 should no longer be relied upon, and that the Company would restate certain figures for the affected periods.
Following this news, USPh shares dropped $10.75 per share over a six-day period, or over 14.5%, to close at $63.00 per share on March 23, 2017.
If you purchased or otherwise acquired USPh securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that throughout the Class Period, Defendants failed to disclose: (1) that the Company had a material weakness in its internal controls over accounting and financial reporting; (2) that the Company improperly accounted for redeemable non-controlling interests of acquired partnerships in violation of Generally Accepted Accounting Principles; and (3) that, as a result, the Company’s financial statements for the years ended December 31, 2014 and 2015, all quarters within 2014 and 2015, and the first three quarters of 2016 contained material errors. As a result of the foregoing, Defendants’ statements about USPh’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis throughout the Class Period.
On March 16, 2017, the Company disclosed that its historical accounting for redeemable non-controlling interests of acquired partnerships was incorrect and that the error would result in the reporting of a material weakness in internal controls over financial reporting. The Company further disclosed that, because of the error, the Company’s previously issued financial statements for the years ended December 31, 2015 and 2014, and all quarters within 2014 and 2015, and the first three quarters of 2016 should no longer be relied upon, and that the Company would restate certain figures for the affected periods.
Following this news, USPh shares dropped $10.75 per share over a six-day period, or over 14.5%, to close at $63.00 per share on March 23, 2017.
If you purchased or otherwise acquired USPh securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.