An investor, who purchased NYSE:USPH shares , filed a lawsuit against U.S. Physical Therapy, Inc. over alleged violations of Federal Securities Laws.
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. Deadline: May 29, 2017. NYSE:USPH investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of U.S. Physical Therapy, Inc. (NYSE:USPH) common shares between May 8, 2014 and March 16, 2017, that the defendants violated Federal Securities Laws. More specifically, 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.
Houston, TX based U U.S. Physical Therapy, Inc., through its subsidiaries, operates outpatient physical therapy clinics that provide pre-and post-operative care, and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers and neurological-related injuries. U.S. Physical Therapy, Inc. reported that its annual Total Revenue rose from $305.07 million in 2014 to $331.30 million in 2015 and that its Net Income increased from $20.85 million in 2014 to $21.96 million in 2015.
Shares of U.S. Physical Therapy, Inc. (NYSE:USPH) grew from $44.00 per share in September 2015 to as high as $78.00 per share on March 2, 2017.
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 on March 16, 2017 to as low as $66.00 per share.
Those who purchased NYSE:USPH shares 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