Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Quorum Health Corporation To Contact The Firm Before Lead Plaintiff Deadline
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.
If you invested in Quorum stock or options between May 2, 2016 and August 10, 2016 and would like to discuss your legal rights, please fill out the form below. 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 firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Quorum’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.