A lawsuit was filed on behalf of investors in Brookdale Senior Living Inc. (NYSE:BKD) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 07/15/2020 -- An investor, who purchased NYSE: BKD shares, filed a lawsuit against of Brookdale Senior Living Inc over alleged violations of Federal Securities Laws.
Investors who purchased a significant amount of shares of Brookdale Senior Living Inc. (NYSE: BKD) have certain options and for certain investors are short and strict deadlines running. Deadline: August 24, 2020. NYSE: BKD investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
As of February 1, 2020, Brookdale Senior Living Inc owned 356 communities, leased 307 communities, managed seventy-seven communities on behalf of third parties, and three communities for which it has an equity interest. Brookdale Senior Living Inc operates independent living, assisted living and dementia-care communities and continuing care retirement centers ("CCRCs"). Through its ancillary services programs, the Company also offers a range of outpatient therapy, home health, personalized living, and hospice services.
On April 30, 2020, media outlets reported that a proposed class action had been filed against Brookdale Senior Living Inc accusing the Company of, among other things, "chronically insufficient staffing" at its facilities in an effort to meet financial benchmarks. According to the lawsuit, Brookdale Senior Living Inc misled residents and their families when it promised to provide basic care and daily living services. The lawsuit also claims that the proposed class of plaintiffs "have not received the care and services they paid for." The lawsuit asks for damages and Brookdale Senior Living Inc to "stop the unlawful and fraudulent practices." Shares of Brookdale Senior Living Inc (NYSE: BKD) declined from $3.98 per share on April 9, 2020, to as low as $2.39 per share on May 14, 2020.
The plaintiff claims that between August 10, 2016, and April 29, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that Brookdale's financial performance was sustained by, among other things, the Company's purposeful understaffing of its senior living communities, that the foregoing conduct subjected Brookdale to an increased risk of litigation and, once revealed, was foreseeably likely to have a material negative impact on the Company's financial results and reputation, that as a result, the Company's financial results were unsustainable, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Brookdale Senior Living Inc. (NYSE: BKD) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.