SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the publicly traded securities of Universal Health Services, Inc. (“UHS”) (NYSE:UHS) between February 26, 2015 and December 7, 2016, inclusive (the “Class Period”).
If you purchased or acquired the publicly traded securities of UHS during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 21, 2017. 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.
UHS 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.
Background on the UHS Securities Class Litigation
UHS is a Pennsylvania-based operator of behavioral healthcare facilities, inpatient acute care hospitals, and free-standing emergency departments.
The action alleges that UHS misrepresented and/or failed to disclose its improper and illicit practice of admitting and holding patients by exaggerating their symptoms and discharging patients only after their insurance payments ran out to maximize the Company’s profits.
On December 7, 2016, BuzzFeed News published an article detailing its year-long investigation of the Company which revealed that UHS had a widespread, top-down practice of making patient admission and discharge decisions based on anticipated profit, rather than patient care considerations. BuzzFeed News’s investigation was reportedly “based on interviews with 175 current and former UHS staff, including 18 executives who ran UHS hospitals; more than 120 additional interviews with patients, government investigators, and other experts, and a cache of internal documents.”
The article stated that “[c]urrent and former employees from at least 10 UHS hospitals in nine states said they were under pressure to fill beds by almost any method – which sometimes meant exaggerating people’s symptoms or twisting their words to make them seem suicidal – and to hold them until their insurance payments ran out.” On this news, UHS’s stock price plummeted $15.01 per share, or nearly 12%, from its previous closing price of $126.37 on December 6, 2016, to close at $111.36 per share on December 7, 2016.
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 named Lieff Cabraser as a 2016 “Law Firm of the Year,” and Benchmark Litigation selected our firm as one of the “Top 10 Plaintiffs Firms” in the U.S. for 2016.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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