NEW YORK, March 16, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of U.S. Physical Therapy, Inc. ("U.S. Physical Therapy" or the "Company") (NYSE: USPH). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether U.S. Physical Therapy and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 16, 2017, U.S. Physical Therapy advised investors that the Company had discovered an accounting error. Specifically, the Company stated that "it was determined that the Company's historical accounting for redeemable non-controlling interests of acquired partnerships was incorrect due to the fact that those partnership agreements contain a provision that makes the non-controlling interests mandatorily redeemable and, thus incorrectly classified." U.S. Physical Therapy further stated that "[m]anagement has concluded that this error will result in the reporting of a material weakness in internal controls over financial reporting as they relate to this issue and that, as a result, ineffective internal controls over financial reporting. The error will require the restatement of previously issued financial statements."
On this news, U.S. Physical Therapy's share price has fallen as much as $7.75, or 10.51%, during intraday trading on March 16, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-us-physical-therapy-inc---usph-300424894.html
SOURCE Pomerantz LLP