NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into U.S. Physical Therapy, Inc. (NYSE: USPH).
On March 16, 2017, U.S. Physical Therapy revealed an accounting error related to “the Company’s historical accounting for redeemable non-controlling interests of acquired partnerships … due to the fact that those partnership agreements contain a provision that makes the non-controlling interests mandatorily redeemable and, thus incorrectly classified.”
The Company further stated that “this error will result in the reporting of a material weakness in internal controls over financial reporting” requiring “the restatement of previously issued financial statements.”
Thereafter, U.S. Physical Therapy and certain of its executives were sued in a class action lawsuit, charging them with violations of federal securities laws.
KSF’s investigation is focusing on whether U.S. Physical Therapy’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of U.S. Physical Therapy shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.