NEW YORK, July 9, 2019 /PRNewswire/ -- Bernstein Liebhard LLP reminds investors that approximately 2 weeks remain to make a motion for lead plaintiff in a securities class action lawsuit filed on behalf of those who purchased or acquired the securities of Community Health Systems Inc. ("Community Health" or the "Company") (NYSE:CYH) from February 20, 2017 to February 27, 2018, (the "Class Period"). The lawsuit alleges claims under the Securities Exchange Act of 1934 and seeks to recover Community Health shareholders' investment losses.
If you purchased Community Health securities, and/or would like to discuss your legal rights and options please visit Community Health Systems Inc. Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company had understated its contractual allowances; (2) that the Company had understated its provision for bad debts; (3) that, as a result, the Company had overstated its net operating revenue; (4) that, as a result, the Company had understated its net loss; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On February 27, 2018, the Company announced its fourth quarter and full year 2017 financial results, which included a $591 million increase in contractual allowances and bad debt provision. On this news, the Company's share price fell $1.06 per share, more than 17%, to close at $5.12 per share on February 28, 2018, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than July 29, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased CYH securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/communityhealthsystem-cyh-shareholder-class-action-stock-fraud-145/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP