WAYNE, Pa., Jan. 6, 2017 /PRNewswire/ -- RM LAW, P.C. announces that a class action lawsuit has been filed in United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities that purchased Universal Health Services, Inc. ("Universal Health" or the "Company") (NYSE: UHS) securities between February 26, 2015 and December 7, 2016, inclusive (the "Class Period").
Universal Health shareholders may, no later than February 21, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Universal Health and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/uhs.
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 upon the medical necessity of the patient; (2) Universal Health would keep patients admitted until their insurance payments ran out in order to ensure the maximum payment for its services; (3) as a result, Universal Health's revenues from inpatient care relied on unsustainable practices; (4) in turn, Universal Health lacked effective internal control concerning its practices and policies of admitting patients; and (5) as a result, Universal Health's public statements were materially false and misleading at all relevant times. On December 7, 2016, BuzzFeed published an investigative story on Universal Health alleging, among other things, that Universal Health put profits ahead of people.
On December 7, 2016, BuzzFeed issued a report revealing the results of its investigation into Universal Health. BuzzFeed's investigation was based upon interviews with current and former Universal Health employees, including executives who had operational responsibilities in hospitals. The investigation also included interviews with patients and government investigators. According to the report, employees from Universal Health hospitals 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."
On this news, shares of Universal Health fell over 12% to close at just $111.36 per share on December 7, 2016.
If you are a member of the class, you may, no later than February 21, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, P.C. (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/uhs. For more information about class action cases in general or to learn more about RM LAW, P.C. please visit our website: www.rmclasslaw.com.
RM LAW, P.C. is a national shareholder litigation firm. RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE RM LAW, P.C.