NEW YORK, Sept. 13, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Quorum Health Corporation (“Quorum” or the “Company”) (NYSE: QHC ) of the November 8, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Middle District of Tennessee on behalf of all those who purchased Quorum stock or options between May 2, 2016 and August 10, 2016 (the “Class Period”). The case, Rao v. Quorum Health Corporation et al , No. 3:16-cv-02475 was filed on September 9, 2016, and has been assigned to Judge Waverly D. Crenshaw, Jr.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that Quorum was suffering from several indicators of impairment, including the underperformance of several of its hospitals, at the time when the Company spun off from Community Health Systems, Inc. (“CHS”) effective on or about April 29, 2016.
Specifically, on August 10, 2016, Quorum issued a press release and filed a Quarterly Report on Form 10-Q with the SEC announcing the Company's financial and operating results for the three months ended June 30, 2016. In it, the Company reported $250.4 million in impairment charges, causing a substantial quarterly operating net loss, related to the spinoff from CHS.
After the announcement, Quorum’s share price fell $4.99, from $10.02 per share on August 10, 2016 to a closing price of $5.03 on August 11, 2016 — a 49.8% drop.
Request more information now by clicking here: www.faruqilaw.com/QHC . There is no cost or obligation to you.
Take Action
If you invested in Quorum stock or options between May 2, 2016 and August 10, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/QHC . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Quorum’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
