HCP Inc

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Case Summary
Company Name: HCP Inc
Stock Symbol : NYSE:HCP
Class Period Start: 03/30/2015
Class Period End: 02/08/2016
Lead Plaintiff motion: 07/11/2016
Date Filed: 05/09/2016
Type of Case: Securities Class Action
Court: U.S. District Court for the Northern District of Ohio
Summary:

Thieler Law Corp advises investors with losses exceeding $100,000 of the July 11, 2016 lead plaintiff deadline in a class action lawsuit filed against HCP Inc (NYSE:HCP) (“HCP ” or “the Company”). The suit is pending in the U.S. District Court for the Northern District of Ohio and investors, who purchased HCP Inc securities between March 30, 2015 and February 8, 2016, have until July 11, 2016 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased HCP Inc securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that ManorCare was actively engaged in reimbursement billing fraud, as a result of ManorCare’s billing fraud, ManorCare’s reported revenue and earnings were false and ManorCare’s consolidated financial statements did not comply with GAAP; and ManorCare’s billing fraud and the U.S. Department of Justice's action against ManorCare put HCP’s lease revenue stream from ManorCare in jeopardy, and called into question the value of HCP’s ManorCare real estate assets and HCP’s equity stake in ManorCare. As a result of these misrepresentations, HCP common stock traded at artificially inflated prices during the Class Period.

Throughout the Class Period, HCP was highly dependent upon the operations of ManorCare which served as HCP's most significant client. Defendants knew or irresponsibly disregarded that ManorCare was engaged in billing fraud, which allegedly generated false claims for "reimbursement" submitted to government programs.

On April 21, 2015, HCP revealed that the U.S. Department of Justice had intervened in whistleblower lawsuits against ManorCare. On May 5, 2015, HCP revealed that it had recorded a $478 million impairment charge related to lease arrangements with ManorCare. Then, on February 9, 2016, HCP revealed that it had written down its 10% equity stake in ManorCare to zero and had taken an $836 million impairment on its ManorCare lease assets.

Following this news, NYSE:HCP  shares fell over 16% on February 9, 2016.

If you were negatively impacted by your investment in HCP Inc securities between March 30, 2015 and February 8, 2016 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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