Securities fraud class action litigation has been filed on behalf of investors in Universal Health Services, Inc. (“UHS”) (NYSE: UHS). If you purchased or acquired the publicly traded securities of UHS between February 26, 2015 and December 7, 2016, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than February 21, 2017.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.
UHS investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.
Background on the UHS Securities Class Litigation
UHS is a Pennsylvania-based operator of behavioral healthcare facilities, inpatient acute care hospitals, and free-standing emergency departments.
The action alleges that UHS misrepresented and/or failed to disclose its improper and illicit practice of admitting and holding patients by exaggerating their symptoms and discharging patients only after their insurance payments ran out to maximize the Company’s profits.
On December 7, 2016, BuzzFeed News published an article detailing its year-long investigation of the Company which revealed that UHS had a widespread, top-down practice of making patient admission and discharge decisions based on anticipated profit, rather than patient care considerations. BuzzFeed News’s investigation was reportedly “based on interviews with 175 current and former UHS staff, including 18 executives who ran UHS hospitals; more than 120 additional interviews with patients, government investigators, and other experts, and a cache of internal documents.”
The article stated that “[c]urrent and former employees from at least 10 UHS hospitals in nine states 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, UHS’s stock price plummeted $15.01 per share, or nearly 12%, from its previous closing price of $126.37 on December 6, 2016, to close at $111.36 per share on December 7, 2016.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News named Lieff Cabraser as a “Law Firm of the Year” for 2016, and Benchmark Litigation included our firm in its 2016 “Top 10 Plaintiffs Firms” listing.