LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) consisting of persons and entities that acquired U.S. Physical Therapy, Inc. (“USPh” or the “Company”) (NYSE: USPH) securities between May 8, 2014 and March 16, 2017, inclusive (the “Class Period”).
If you are a member of the Class described above, you may move the Court no later than 60 days from the date of this notice, to serve as lead plaintiff. Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at firstname.lastname@example.org to discuss this matter.
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. On this news, the price of USPh common stock fell $3.85 per share, or 5.2%, to close at $69.90 per share on March 16, 2017, on unusually heavy trading volume. The stock price continued to decline in the following trading days, falling $1.75 per share (2.5%) on March 17, 2017, $0.25 per share (0.3%) on March 20, 2017, and $3.15 per share (4.6%) on March 21, 2017, to close at $64.75 per share on March 21, 2017.
The complaint filed in this lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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 (“GAAP”); (3) that, as a result, the Company’s 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 contained material errors; and (4) that, 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.
If you purchased shares of USPh during the Class Period, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to email@example.com, or visit our website at www.glancylaw.com.
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