The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Central District of California on behalf of investors who purchased Universal Health Services, Inc. (NYSE: UHS) securities between February 26, 2015 and December 7, 2016.
According to the complaint, defendants made false and/or misleading statements regarding that: (1) the Company admitted patients based on its own financial considerations and not upon the medical necessity of the patient; (2) the Company would keep patients admitted until their insurance payments ran out in order to ensure the maximum payment for its services; (3) as a result, Universal Health’s revenues from inpatient care relied on unsustainable practices; (4) in turn, Universal Health lacked effective internal control concerning its practices and policies of admitting patients; and (5) as a result, Universal Health’s public statements were materially false and misleading.
On December 7, 2016, Buzzfeed published a piece on Universal Health, alleging that the company puts profits ahead of its patients. On this news, shares of Universal Health fell by $15.01 per share, or approximately 12%, closing at $111.36 per share on December 7, 2016. If you suffered a loss in Universal Health you have until February 21, 2017 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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