Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Dec. 07, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Welltower Inc ("Welltower" or "the Company") (NYSE: WELL) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Welltower investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Welltower operates a REIT principally focused on the rental of skilled nursing facilities and senior housing facilities. According to an analyst report published by Hindenburg Research, the Company's largest tenant, a non-profit health system in the Midwest called ProMedica, previously accounted for 12% of the company’s annual Net Operating Income. ProMedica faced severe distress and began breaching bond covenants in early 2022, threatening Welltower’s investment.
The Hindenburg report further discloses that on November 7th, 2022, Welltower announced a solution: it would transfer the operation of 147 skilled nursing facilities out of ProMedica and into a new joint venture with a health care operator called Integra Health. The deal helped fuel a 9% spike in Welltower’s stock. Welltower’s CEO said that Integra provided a “well-capitalized strategic partner” resulting in Welltower being paid 4% more in cash rent under the new JV, coming out ahead despite the distressed situation.
The Hindenburg report concludes that, “Despite the high praise from Welltower’s management and claims of being a well-experienced operator, Integra seems to barely exist. The entity was registered 6 months ago, according to Delaware corporate records. Its website was registered on the same day.”
On this news Welltower's shares fell sharply in value thereby damaging investors.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
Attorney Advertising
