A lawsuit was filed on behalf of investors in U.S. Physical Therapy, Inc. (NYSE:USPH) shares over alleged securities laws violations and NYSE:USPH investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/11/2017 -- An investor, who purchased shares of U.S. Physical Therapy, Inc. (NYSE:USPH), filed a lawsuit in New York over alleged Securities Laws violations by U.S. Physical Therapy, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of U.S. Physical Therapy, Inc. (NYSE:USPH) have certain options and for certain investors are short and strict deadlines running and NYSE:USPH investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff claims that between May 8, 2014 and March 16, 2017 the defendants failed to disclose that the Company had a material weakness in its internal controls over accounting and financial reporting, that the Company improperly accounted for redeemable non-controlling interests of acquired partnerships in violation of Generally Accepted Accounting Principles ("GAAP"), that, as a result, the Company's financial statements for the years ended December 31, 2015 and 2014, and all quarters within 2014 and 2015, and the first three quarters of 2016 contained material errors, and that, as a result of the foregoing, Defendants' statements about USPh's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On March 16, 2017, U.S. Physical Therapy, Inc. disclosed that the Company had incorrectly accounted for redeemable non-controlling interests of acquired partnerships. U.S. Physical Therapy, Inc. stated that as a result of the errors, the Company would report a material weakness in its internal controls over financial reporting, and restate previously issued financial statements. Specifically, U.S. Physical Therapy, Inc. stated that its consolidated financial statements for the years ended December 31, 2015 and 2014, and all quarters within 2014 and 2015, and the first three quarters of 2016 should no longer be relied upon. Shares of U.S. Physical Therapy, Inc. (NYSE:USPH) declined to as low as $61.20 per share on April 6, 2017.
Those who purchased shares of U.S. Physical Therapy, Inc. have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com