HCSG INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Against Healthcare Services Group, Inc.
April 16 2019 - 12:55PM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been filed on behalf of
investors who purchased or otherwise acquired the securities of
Healthcare Services Group, Inc. (“Healthcare Services Group” or the
“Company”) (Nasdaq: HCSG) between April 11, 2017 and March 4, 2019,
inclusive (the “Class Period”).
If you purchased or otherwise acquired Healthcare Services Group
securities during the Class Period, you may move the Court for
appointment as lead plaintiff by no later than May 21, 2019. A lead
plaintiff is a representative party who acts on behalf of other
class members in directing the litigation. Your share of any
recovery in the litigation will not be affected by your decision of
whether to seek appointment as lead plaintiff. You may retain Lieff
Cabraser, or other attorneys, as your counsel in the
litigation.
Healthcare Services Group investors who wish to learn more about
the litigation and how to seek appointment as lead plaintiff should
click here or contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the Healthcare Services Group Securities Class
Litigation
Healthcare Services Group, based in Bensalem, Pennsylvania,
engages in the management, administrative, and operating services
to the housekeeping, laundry, linen, facility maintenance, and
dietary service departments to nursing homes, retirement complexes,
rehabilitation centers, and hospitals in the United States.
The complaint alleges that throughout the Class Period,
Defendants failed to disclose that (1) Healthcare Services Group
was strategically rounding its quarterly earnings per share (“EPS”)
upward for more than a decade, thus misrepresenting the Company’s
financial condition throughout the Class Period; (2) the Securities
and Exchange Commission (“SEC”) had written to the Company in
November 2017 to inquire into its EPS rounding practices; and (3)
the SEC delivered a subpoena to the Company in March 2018 to
produce documents in connection with its calculation of EPS.
On March 4, 2019, in a Form 8-K filed with the SEC, Healthcare
Services Group disclosed it had received a letter in November 2017
from the SEC regarding an inquiry into the Company’s EPS
calculation practices and requesting that the Company voluntarily
provide certain information and documents relating to its EPS
rounding and reporting practices. The Company further disclosed it
also had received a subpoena in March 2018 from the SEC in
connection with those matters and had been providing information
and documents to the SEC.
Following those disclosures, the Company’s stock price fell
$4.96 per share, or 13.14%, to close at $32.78 on March 4,
2019.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, and Nashville, 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 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.” Law360 has selected Lieff Cabraser as one of the Top
50 law firms nationwide for litigation, highlighting our firm’s
“laser focus” and noting that our firm routinely finds itself
“facing off against some of the largest and strongest defense law
firms in the world.” In 2016, Benchmark Litigation named Lieff
Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190416005847/en/
Source/Contact for Media Inquiries OnlySharon M. LeeLieff
Cabraser Heimann & Bernstein, LLPTelephone: 1-800-541-7358
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