HCP, Inc. Shareholder Alert: Former SEC Attorney Willie Briscoe & Powers Taylor Investigate Possible Breaches of Fiduciary Du...
May 11 2016 - 2:07PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the
securities litigation firm of Powers Taylor LLP announce that a
federal class action lawsuit has been filed against HCP, Inc.
(“HCP”) (NYSE: HCP) and several officers and directors for acts
taken during the period of March 30, 2015 to February 8, 2016 (the
“Class Period”).
Based upon the allegations in the class action, the firms are
investigating additional legal claims against the officers and
Board of Directors of HCP. If you are an affected HCP shareholder
and want to learn more about the lawsuit or join the action,
contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at
shareholders@thebriscoelawfirm.com, Patrick Powers at Powers Taylor
LLP via email at shareholder@powerstaylor.com, or call toll free at
(877) 728-9607. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have
violated certain provisions of the Securities Exchange Act of 1934.
Specifically, the complaint alleges, among other things, that
defendants failed to disclose that one of HCP’s chief clients,
ManorCare, was engaged in extensive billing fraud that may have
generated roughly $6 billion in false settlement claims, and that
the value of HCP’s interest in ManorCare was dubious. According to
the complaint, HCP disclosed on April 21, 2015 that the Department
of Justice had intervened in whistleblower lawsuits against
ManorCare. On May 5, 2015, HCP disclosed that it had recorded a
$478 million impairment charge related to lease arrangements with
ManorCare. Then, on February 9, 2016, HCP disclosed that it had
written down its 10% equity stake in ManorCare to zero and had
booked a $836 million impairment on its ManorCare lease assets. HCP
stock dropped significantly immediately following this
announcement.
The Briscoe Law Firm, PLLC is a full service business
litigation, commercial transaction, and public advocacy firm with
more than 20 years of experience in complex litigation and
transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles
a variety of complex business litigation matters, including claims
of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160511006376/en/
The Briscoe Law Firm, PLLCWillie Briscoe,
877-728-9607shareholders@thebriscoelawfirm.comorPowers Taylor
LLPPatrick Powers, 877-728-9607shareholder@powerstaylor.com
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