NEW YORK, May 01, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of investors who purchased or otherwise acquired Medical Properties Trust, Inc. (“Medical Properties” or the “Company”) securities (NYSE: MPW) between July 15, 2019 and February 22, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Medical Properties securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than June 12, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On February 23, 2023, Medical Properties announced its fourth quarter and full year 2022 financial results. Among other items, the Company disclosed an impairment of approximately $171 million on four properties leased to Prospect Medical Holdings (“Prospect”) and announced a plan to write off about $112 million for unbilled rent related to Prospect.
On this news, Medical Properties stock price fell $1.06 per share, or 8.7%, to close at $11.14 per share on February 23, 2023.
The action alleges that Medical Properties made materially false and/or misleading statements and failed to disclose to investors (1) that Prospect was facing significant pressures affecting the profitability of its Pennsylvania properties, (2) that, as a result, there was a significant risk that Prospect would be unable to meet its rental obligations owed to Medical Properties, and (3) that “given the elongated timing of the Pennsylvania recovery,” the Company was reasonably likely to record an impairment charge to the real estate value of the Pennsylvania properties, among other things.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
