NEW YORK--(BUSINESS WIRE)--
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in U.S. Physical Therapy, Inc. (“U.S. Physical” or the “Company”) (NYSE:USPH) of the May 30, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased U.S. Physical stock or options between May 8, 2014 and March 16, 2017 (the “Class Period”). The case, Culhane v. U.S. Physical Therapy, Inc. et al, No. 17-cv-02347 was filed on March 31, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to maintain appropriate accounting methods and internal controls over financial reporting.
Specifically, on March 16, 2017, USPH disclosed that the Company had incorrectly accounted for redeemable non-controlling interests of acquired partnerships. The Company stated that, as a result of accounting errors, the Company would report a material weakness in its internal controls over financial reporting and restate previously-issued financial statements; and that consolidated reports for the years ended December 31, 2015 and 2014, and all quarters within 2014 and 2015, and the first three quarters of 2016 should no longer be relied upon.
After the announcement, U.S. Physical’s share price fell from $73.75 per share on March 15, 2017 to a closing price of $69.90 on March 16, 2017—a $3.85 or a 5.22% drop.
Request more information now by clicking here: www.faruqilaw.com/USPH. There is no cost or obligation to you.
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You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
Faruqi & Faruqi, LLP also encourages anyone with information regarding U.S. Physical’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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