Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in US Physical Therapy (NYSE: USPH) in connection to alleged violations of securities laws by USPH. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in US Physical Therapy between March 6, 2015 and March 23, 2017.
The class action complaint specifically alleges that during the period in question, USPH might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that there was a material weakness in USPH’s internal accounting and financial reporting controls; that USPH had violated Generally Accepted Accounting Principles when it inappropriately accounted for redeemable non-controlling interests of acquired partnerships; that consequently USPH’s financial statements for the years ending December 31, 2014 and December 31, 2015, as well as every quarter within those years and the first three quarters of 2016, included material inaccuracies; and that thus USPH’s statements about its operations, prospects and business were false and misleading and/or lacked a reasonable basis during the period in question.
According to the company’s website, US Physical Therapy “is the largest publicly-traded, pure-play operator of outpatient physical and occupational therapy clinics, with over 500 Clinics in 42 States.” The description continues: “The clinics provide pre- and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, rehabilitation of injured workers and preventative care. USPh also manages several physical therapy facilities for third parties, including physician groups. Each of USPh’s clinics are directed by a licensed physical therapist that drive patient volume via local physicians, former patients and other referral sources. Marketing representatives are used to further augment sales.”
A class action lawsuit has already been filed in connection with US Physical Therapy. If you wish to serve as lead plaintiff in the USPH lawsuit, you must move the Court no later than May 30, 2017. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.