SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the Middle District of Tennessee on behalf of purchasers of Brookdale Senior Living Inc. (NYSE:BKD) securities between August 10, 2016 and April 29, 2020 (the “Class Period”). The case is captioned Posey v. Brookdale Senior Living Inc., No. 20-cv-00543, and is assigned to Judge Trauger. The Brookdale Senior Living class action lawsuit charges Brookdale Senior Living and certain of its current and former officers with violations of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Brookdale Senior Living securities during the Class Period to seek appointment as lead plaintiff in the Brookdale Senior Living class action lawsuit. A lead plaintiff acts on behalf of all other class members in directing the Brookdale Senior Living class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Brookdale Senior Living class action lawsuit. An investor’s ability to share in any potential future recovery of the Brookdale Senior Living class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Brookdale Senior Living class action lawsuit or have questions concerning your rights regarding the Brookdale Senior Living class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Brookdale Senior Living class action lawsuit must be filed with the court no later than August 24, 2020.
Brookdale Senior Living is the nation’s largest senior-living community operator, with $4 billion in reported revenue in 2019.
The complaint filed in Posey v. Brookdale Senior Living Inc. alleges that defendants made materially false and/or misleading statements, as well as failed to disclose that: (i) “Brookdale[ Senior Living]’s financial performance was sustained by, among other things, the Company’s purposeful understaffing of its senior living communities”; (ii) “the foregoing conduct subjected Brookdale [Senior Living] to an increased risk of litigation and, once revealed, was foreseeably likely to have a material negative impact on [Brookdale Senior Living’s] financial results and reputation”; (iii) “as a result, [Brookdale Senior Living’s] financial results were unsustainable”; and (iv) “as a result, [Brookdale Senior Living’s] public statements were materially false and misleading at all relevant times.”
On April 30, 2020, Nashville Business Journal reported that a proposed class action lawsuit had been filed against Brookdale Senior Living accusing Brookdale Senior Living of, among other things, purposeful “chronically insufficient staffing” at its facilities in an effort to meet financial benchmarks since at least April 24, 2016. According to the lawsuit, Brookdale Senior Living misled residents and their families when it promised to provide basic care and daily living services. The lawsuit also claims that the proposed class of plaintiffs “have not received the care and services they paid for.” The lawsuit asks for damages and for Brookdale Senior Living to “stop the unlawful and fraudulent practices.” The complaint filed in Posey v. Brookdale Senior Living Inc. alleges that, on this news, Brookdale Senior Living’s stock price fell more than 15% over two trading sessions.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.