SAN DIEGO & BRENTWOOD, Tenn.--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a purchaser of Brookdale Senior Living Inc. (NYSE: BKD) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between August 10, 2016 and April 29, 2020. Brookdale owns and operates senior living communities in the United States.
If you suffered a loss as a result of Brookdale's misconduct, click here.
Brookdale Senior Living Inc. (BKD) Accused of Misleading Shareholders
According to the complaint, in February 2017, Brookdale assured investors in its 2016 annual report that the Company "is committed to providing senior living solutions primarily within properties that are designed, purpose-built and operated to provide the highest quality service, care and living accommodations for residents.” Additionally, Brookdale affirmed its operating efficiency due to its community staffing and training. These assurances were maintained in its 2017, 2018, and 2019 annual reports. Despite its repeated assurances, on April 30, 2020, Nashville Business Journal reported that a proposed class action lawsuit had been filed against Brookdale for "chronically insufficient staffing" at its facilities in an effort to meet financial benchmarks since at least April 24, 2016. The plaintiffs allege they "have not received the care and services they paid for" and ask that Brookdale "stop the unlawful and fraudulent practices." On this news, Brookdale's share price fell over 15% over two trading sessions to close at $3.12 per share.
Brookdale Senior Living Inc. (BKD) Shareholders Have Options
Want to be notified if a class action on behalf of Brookdale settles? Want to receive free alerts about companies engaged in wrongdoing? Sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.