Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Brookdale Senior Living Inc. (BKD)
- 17
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming August 24, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Brookdale Senior Living Inc. ("Brookdale" or the "Company") (NYSE: BKD) securities between August 10, 2016 and April 29, 2020, inclusive (the “Class Period”).
If you suffered a loss on your Brookdale investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/brookdale-senior-living-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On April 30, 2020, Nashville Business Journal reported that a proposed class action lawsuit had been filed against Brookdale, accusing the Company of, among other things, purposeful “chronically insufficient staffing” at its facilities in an effort to meet financial benchmarks since at least April 24, 2016. According to the lawsuit, the Company misinformed both residents and their families in promising to provide daily living services and basic care. The lawsuit also claims that the proposed class of plaintiffs “have not received the care and services they paid for.”
On this news, the Company’s share price fell $0.56 per share, or over 15%, over two trading sessions, to close at $3.12 per share on May 1, 2020.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Brookdale’s financial performance was sustained by, among other things, the Company’s purposeful understaffing of its senior living communities; (2) that the foregoing conduct subjected Brookdale to an increased risk of litigation and, once revealed, was foreseeably likely to have a material negative impact on the Company’s financial results and reputation; (3) as a result, the Company’s financial results were unsustainable; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Follow us for updates on LinkedIn, Twitter, or Facebook.
If you purchased or otherwise acquired Brookdale securities during the Class Period, you may move the Court no later than August 24, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200709005325/en/
