SAN FRANCISCO, June 27, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds HCP, Inc. (NYSE:HCP) investors of July 11, 2016 Lead Plaintiff deadline in the securities class action filed in the U.S. District Court for the Northern District of Ohio.
If you purchased or otherwise acquired securities of HCP, Inc. (“HCP” or the “Company”) (NYSE:HCP) between March 30, 2015 and February 8, 2016 and suffered $200,000 or more in losses contact Hagens Berman Sobol Shapiro LLP partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing HCP@hbsslaw.com or visiting https://www.hbsslaw.com/cases/HCP.
The litigation concerns Defendants’ statements, in part, about the financial condition of the Company’s largest tenant, ManorCare, and about assurances to investors that assets HCP acquired from ManorCare and revenue stream from its leases with ManorCare were secure and unimpaired.
In addition, it concerns Defendants’ statements that ManorCare had “a long history of compliance with regulations” when in fact the Department of Justice intervened in whistleblower lawsuits charging that ManorCare submitted over $6 billion in false claims for government reimbursements.
When HCP first disclosed, on May 5, 2015, that its ManorCare assets were impaired by $478 million, HCP’s stock declined by 2.9%.
Then, when HCP disclosed on November 3, 2015 that its equity interest in ManorCare was impaired by $27 million HCP’s stock declined by 2.6%.
Finally, when HCP disclosed on February 9, 2016 that its ManorCare equity interest was worth nothing and its ManorCare assets were impaired by an additional $836 million, HCP’s stock price declined 17%.
“HCP’s ManorCare-related problems were clearly material to HCP investors, who should have been – but were not – fully informed of them,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding HCP should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email HCP@hbsslaw.com.
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