STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Ohio on behalf of purchasers of HCP, Inc. (NYSE: HCP) (HCP or the “Company”) common stock during the period between March 30, 2015 through February 8, 2016, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until July 11, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company’s common stock during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that HCP’s ManorCare was engaged in rampant billing fraud that may have generated more than $6 billion in false claims for reimbursement and that the value of HCP’s interest in ManorCare was questionable.
According to the complaint, following the April 21, 2015 disclosure by HCP that: (1) the U.S. Department of Justice (“DOJ”) had intervened in whistleblower lawsuits (while downplaying the DOJ’s involvement and denying ManorCare’s wrongdoing); (2) the May 5, 2015 disclosure that HCP had recorded a $478 million non-cash impairment (while still assuring investors that ManorCare had not engaged in any wrongdoing); (3) the November 3, 2015 disclosure by HCP of a $27 million impairment charge related to its interest in ManorCare (falsely attributed to admissions trends instead of billing fraud): and (4) the February 9, 2016 disclosure that HCP had written down its ManorCare stake to zero, taken a $836 million non-cash impairment on its ManorCare lease assets and placed all of its ManorCare real estate assets on a “Watch List,” the value of HCP shares declined significantly.
If you have suffered a loss from investment in HCP common stock purchased on or after March 30, 2015, and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.