NEW ORLEANS, June 10, 2016 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 11, 2016 to file lead plaintiff applications in a securities class action lawsuit against HCP, Inc. (NYSE: HCP), if they purchased the Company's securities between March 30, 2015 and February 8, 2016, inclusive (the "Class Period"). This action is pending in the United States District Court for the Northern District of Ohio.
What You May Do
If you purchased shares of HCP and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 11, 2016.
About the Lawsuit
HCP, HCR ManorCare, Inc. ("ManorCare"), and certain of their executives are charged with failing to disclose material information during the Class Period, including that ManorCare, most important client, was engaged in rampant billing fraud, violating federal securities laws.
On April 21, 2015, HCP disclosed that the DOJ had intervened in whistleblower lawsuits against ManorCare. On May 5, 2015, HCP disclosed that it had recorded a $478 million impairment charge related to lease arrangements with ManorCare. Then, on February 9, 2016, HCP disclosed that it had written down its 10% equity stake in ManorCare to zero and had taken an $836 million impairment on its ManorCare lease assets.
On this news, the price of HCP's stock plummeted.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
206 Covington St.
Madisonville, LA 70447
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SOURCE Kahn Swick & Foti, LLC