NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces it has commenced an investigation of U.S. Physical Therapy, Inc. (NYSE:USPH) concerning possible violations of federal securities laws.
On March 16, 2017, U.S. Physical Therapy advised investors that the Company had discovered an accounting error. Specifically, the Company stated that "it was determined that the Company's historical accounting for redeemable non-controlling interests of acquired partnerships was incorrect due to the fact that those partnership agreements contain a provision that makes the non-controlling interests mandatorily redeemable and, thus incorrectly classified." U.S. Physical Therapy further stated that "[m]anagement has concluded that this error will result in the reporting of a material weakness in internal controls over financial reporting as they relate to this issue and that, as a result, ineffective internal controls over financial reporting. The error will require the restatement of previously issued financial statements." To obtain additional information, go to:
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