The Complaint alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Universal Health admitted patients based on its own financial considerations and not the patient's medical needs; (2) Universal Health would keep patients admitted until their insurance payments ran out in order to bill for the maximum of its services; (3) accordingly, Universal Health's revenues from inpatient care relied on unjustifiable practices; (4) due to the aforementioned, Universal Health lacked efficient internal control regarding its practices and policies of admitting patients; and (5) consequently, Universal Health's public statements were materially false and misleading at all relevant times.
On December 7, 2016 Buzzfeed released its investigation into Universal Health "…based on interviews with 175 current and former UHS staff, including 18 executives who ran UHS hospitals; more than 120 additional interviews with patients, government investigators, and other experts; and a cache of internal documents." Buzzfeed reported that "[c]urrent and former employees from at least 10 UHS hospitals in nine states said they were under pressure to fill beds by almost any method – which sometimes meant exaggerating people's symptoms or twisting their words to make them seem suicidal – and to hold them until their insurance payments ran out." Following this news, Universal Health stock dropped $15.01 per share or nearly 12% to close at $111.36 on December 7, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/uhs or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Universal Health you have until February 21, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
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