NEW YORK, May 10, 2016 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of HCP, Inc. ("HCP" or the "Company") (NYSE: HCP), concerning whether the board has breached its fiduciary duties to shareholders.
HCP is a real estate investment trust. One of HCP's significant investments is a stake in HCR ManorCare, Inc. ("ManorCare"). On April 21, 2015, HCP disclosed that the Department of Justice had intervened in multiple whistleblower lawsuits alleging that ManorCare engaged in rampant billing fraud.
Then, in May 2015, HCP disclosed that it had taken an impairment charge of $478 million related to certain of its lease arrangements with ManorCare. Finally, on February 9, 2016, HCP disclosed that it had written its equity stake in ManorCare down to zero and that it had taken an $836 million non-cash impairment on the ManorCare lease assets.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own HCP shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP