LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces that it is investigating claims against U.S. Physical Therapy, Inc. (“U.S. Physical” or the “Company”) (NYSE: USPH) concerning possible violations of federal securities laws.
U.S. Physical Therapy revealed it had found an accounting error stating “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 commented 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." When this information was revealed to the public, the value of U.S. Physical stock fell, causing investors harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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