The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Northern District of Ohio on behalf of investors who purchased HCP, Inc. (NYSE: HCP) securities between March 30, 2015 and February 8, 2016.
According to the complaint, HCP violated securities laws by failing to disclose during the class period that one of the Company’s major clients, ManorCare, was engaged in rampant billing fraud that may have generated more than $6 billion in false claims for reimbursement, and that the value of HCP’s interest in ManorCare was questionable. On April 21, 2015, HCP disclosed that the U.S. Department of Justice had intervened in whistleblower lawsuits. Then on May 5, 2015, HCP disclosed a recorded $478 million non-cash impairment charge related to certain of its lease arrangements with ManorCare. Then on February 9, 2016, HCP disclosed that its equity stake in ManorCare had been written down to zero, and that it had taken an $836 million non-cash impairment on its ManorCare lease assets and placed all of its ManorCare real estate assets on a “Watch List.”
If you suffered a loss in HCP you have until July 11, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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