LOS ANGELES, May 1, 2023 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Medical Properties Trust, Inc. ("MPT" or the "Company") (NYSE: MPW).
Class Period: July 15, 2019 – February 22, 2023
Lead Plaintiff Deadline: June 12, 2023
If you wish to serve as lead plaintiff of the MPT lawsuit, you can submit your contact information at www.glancylaw.com/cases/Medical-Properties-Trust-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On February 23, 2023, before the market opened, MPT issued a press release announcing its fourth quarter and full year 2022 financial results. Therein, MPT disclosed an impairment of about $171 million on four properties leased to Prospect as well as a write off of about $112 million in unbilled rent for the same client.
On this news, the Company's stock price fell $0.80, or 8.7%, to close at $11.14 per share on February 23, 2023, thereby injuring investors.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors: (1) that Prospect was facing significant pressures affecting the profitability of its Pennsylvania properties; (2) that, as a result, there was a significant risk that Prospect would be unable to meet its rental obligations owed to MPT; (3) that, "given the elongated timing of the Pennsylvania recovery," the Company was reasonably likely to record an impairment charge to the real estate value of the Pennsylvania properties; (4) and that as a result of the foregoing, Defendant's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Glancy Prongay & Murray LLP
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