The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of U.S. Physical Therapy, Inc. (NYSE: USPH) who purchased shares between May 8, 2014 and March 16, 2017. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) the Company had a material weakness in its internal controls over accounting and financial reporting; (2) the Company improperly accounted for redeemable non-controlling interests of acquired partnerships in violation of Generally Accepted Accounting Principles (“GAAP”); (3) as a result, the Company’s financial statements for the years ended December 31, 2014 and 2015, and all quarters within 2014 and 2015, and the first three quarters of 2016 contained material errors; and (4) as a result of the foregoing, Defendants’ statements about U.S. Physical Therapy’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Shareholders have until May 30, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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