SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming deadline to move for appointment as lead plaintiff in securities class litigation brought on behalf of investors who purchased or otherwise acquired the securities of Quorum Health Corporation (“Quorum” or the “Company”) (NYSE:QHC) between May 2, 2016 and August 10, 2016, inclusive (the “Class Period”) and/or pursuant or traceable to Quorum’s false and misleading Registration Statement issued in connection with the Company’s spinoff from Community Health Systems (“CHS”) effective on or about April 29, 2016.
If you purchased or acquired Quorum securities during the Class Period and/or pursuant or traceable to the spinoff from CHS, you may move the Court for appointment as lead plaintiff by no later than November 8, 2016. 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.
Quorum 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.
Quorum operates general acute-care hospitals and outpatient services in 16 states. Quorum was spun off from CHS, effective April 29, 2016.
On August 10, 2016, Quorum issued a press release and filed a Quarterly Report on Form 10-Q. Quorum shocked investors by reporting $250.4 million in impairment charges, including $45.4 million to reduce certain long-lived asset values in property, equipment and software; $5 million in goodwill based on management’s decision to divest certain hospitals; and $200 million related to the carryover allocation of goodwill at the time of the spinoff from CHS. On this news, Quorum’s share price fell $4.99, or 49.8%, to close at $5.03 on August 11, 2016. After the market closed, the Company’s Chief Financial Officer admitted that “there were indicators of impairment” at the time of Quorum’s spinoff from CHS, and the Chief Executive Officer admitted that, “[w]ith the facilities from all six divisions of CHS, it’s only natural to expect there was a lack of focus on many of these matters leading up to the spin.”
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 have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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