NEW YORK, April 25, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against U.S. Physical Therapy, Inc. (“U.S. Physical Therapy” or the “Company”) (NYSE:USPH) and certain of its officers, on behalf of shareholders who purchased U.S. Physical Therapy securities between May 8, 2014 through March 16, 2017, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/usph.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) U.S. Physical Therapy had a material weakness in its internal controls over accounting and financial reporting; (2) U.S. Physical Therapy improperly accounted for redeemable non-controlling interests of acquired partnerships in violation of Generally Accepted Accounting Principles; (3) U.S. Physical Therapy’s financial statements for the years ended December 31, 2015 and 2014, and all quarters within 2014 and 2015, and the first three quarters of 2016 contained material errors; and (4) consequently, defendants’ statements about U.S. Physical Therapy’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On March 16, 2017, U.S. Physical Therapy revealed that it had discovered an accounting error. The Company stated that “it was determined that the Company’s historical accounting for redeemable non-controlling interests of acquired partnerships was incorrect due to the fact that those partnership agreements contain a provision that makes the non-controlling interests mandatorily redeemable and, thus incorrectly classified.” U.S. Physical Therapy also said that “[m]anagement has concluded that this error will result in the reporting of a material weakness in internal controls over financial reporting as they relate to this issue and that, as a result, ineffective internal controls over financial reporting. The error will require the restatement of previously issued financial statements.” Following this news, U.S. Physical Therapy stock has dropped as much as $7.75 per share, or 10.51%, during intraday trading on March 16, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/usph or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in U.S. Physical Therapy you have until May 30, 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.