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SHAREHOLDER UPDATE Scott+Scott Attorneys at Law LLP Continues Investigation Into Community Health Systems, Inc.’s Directors and Officers for Breach of Fiduciary Duties – CYH

Nachrichtenquelle: Business Wire (engl.)
18.10.2019, 16:32  |  179   |   |   

Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, continues its investigation of certain directors and officers of Community Health Systems, Inc. (“Community Health”) (NYSE: CYH) for breaching their fiduciary duties to Community Health and its shareholders. If you are a Community Health shareholder, you may contact attorney Joe Pettigrew for additional information: 844-818-6982 or jpettigrew@scott-scott.com.

Scott+Scott is investigating whether certain members of Community Health’s Board of Directors (the “Board”) made false and/or misleading statements, as well as failed to disclose material adverse facts, about Community Health’s business, operations, prospects, and financial health. Specifically, Scott+Scott is investigating whether the Board failed to disclose material information, including whether: (1) Community Health had understated its contractual allowances; (2) Community Health had understated its provision for bad debts; (3) that as a result, Community Health had overstated its net operating revenue; (4) that as a result, Community Health had understated its net loss; and (5) that as a result of the foregoing, positive statements about Community Health’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On February 27, 2018, Community Health announced fourth quarter and full year 2017 financial results, which included a $591 million increase in contractual allowances and bad debt provision. On this news, Community Health’s share price fell $1.06/share, more than 17%, to close at $5.12 per share on February 28, 2018.

What You Can Do

If you are a Community Health shareholder, you may have legal claims against Community Health’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or jpettigrew@scott-scott.com.

About Scott+Scott

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.

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