SAN DIEGO & FRANKLIN, Tenn.–(BUSINESS WIRE)–$CYH #ClassAction–Shareholder rights law firm Robbins
Arroyo LLP announces that a purchaser of Community Health Systems,
Inc. (NYSE: CYH) filed a class action complaint c. Community Health
Systems owns, leases, and operates general acute care hospitals in the
United States.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/community-health-systems/
Community Health Systems Accused of Misleading Investors
According to the complaint, Community Health Systems developed an
internal system to calculate and record its contractual allowances for
third party reimbursements. In 2017, Community Health Systems noted that
the adoption of a new accounting standard would impact its provision for
bad debts. Subsequent filings affirmed previously reported financial
results. However, Community Health Systems misled investors by failing
to disclose that it had understated its contractual allowances and
provision for bad debts. In February 2018, Community Health Systems
released its 2017 annual report and announced a $591 million increase in
contractual allowances and bad debt. On this news, Community Health
System’s stock fell over 17% to close at $5.12 per share on February 28,
2018. The stock has yet to recover and trades significantly below the
class period high of $10.32 per share at $2.93 per share as of June 4,
2019.
Community Health Systems Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
350-6003, [email protected]
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San
Diego, CA 92122
[email protected]
(619)
525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
