Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the Central District of California on behalf of shareholders of Universal Health Services, Inc. (NYSE: UHS) (“Universal Health”) who purchased shares between February 26,2015 and December 7, 2016.
The Complaint alleges the following: Throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Universal Health Services, Inc. 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 a piece on Universal Health, alleging that the company puts profits ahead of its patients.
On December 7, 2016, Buzzfeed published a piece on Universal Health, alleging that the company puts profits ahead of its patients. On this news, shares of Universal Health fell by $15.01 per share, or approximately 12%, closing at $111.36 per share on December 7, 2016.
If you suffered a loss in Universal Health Services, Inc., you have until February 21, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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