SAN FRANCISCO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/HealthcareServicesGroup?src=hash” target=”_blank”gt;#HealthcareServicesGrouplt;/agt;–The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class
action litigation has been filed on behalf of investors who purchased or
otherwise acquired the securities of Healthcare Services Group, Inc.
(“Healthcare Services Group” or the “Company”) (Nasdaq: HCSG) between
April 11, 2017 and March 4, 2019, inclusive (the “Class Period”).
If you purchased or otherwise acquired Healthcare Services Group
securities during the Class Period, you may move the Court for
appointment as lead plaintiff by no later than May 21, 2019. A lead
plaintiff is a representative party who acts on behalf of other class
members in directing the litigation. Your share of any recovery in the
litigation will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or other
attorneys, as your counsel in the litigation.
Services Group investors who wish to learn more about the litigation and
how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Healthcare Services Group Securities Class
Healthcare Services Group, based in Bensalem, Pennsylvania, engages in
the management, administrative, and operating services to the
housekeeping, laundry, linen, facility maintenance, and dietary service
departments to nursing homes, retirement complexes, rehabilitation
centers, and hospitals in the United States.
The complaint alleges that throughout the Class Period, Defendants
failed to disclose that (1) Healthcare Services Group was strategically
rounding its quarterly earnings per share (“EPS”) upward for more than a
decade, thus misrepresenting the Company’s financial condition
throughout the Class Period; (2) the Securities and Exchange Commission
(“SEC”) had written to the Company in November 2017 to inquire into its
EPS rounding practices; and (3) the SEC delivered a subpoena to the
Company in March 2018 to produce documents in connection with its
calculation of EPS.
On March 4, 2019, in a Form 8-K filed with the SEC, Healthcare Services
Group disclosed it had received a letter in November 2017 from the SEC
regarding an inquiry into the Company’s EPS calculation practices and
requesting that the Company voluntarily provide certain information and
documents relating to its EPS rounding and reporting practices. The
Company further disclosed it also had received a subpoena in March 2018
from the SEC in connection with those matters and had been providing
information and documents to the SEC.
Following those disclosures, the Company’s stock price fell $4.96 per
share, or 13.14%, to close at $32.78 on March 4, 2019.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco,
New York, and Nashville, is a nationally recognized law firm committed
to advancing the rights of investors and promoting corporate
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for fourteen years. In compiling
the list, the Journal examines recent verdicts and settlements
and looked for firms “representing the best qualities of the plaintiffs’
bar and that demonstrated unusual dedication and creativity.” Law360
has selected Lieff Cabraser as one of the Top 50 law firms nationwide
for litigation, highlighting our firm’s “laser focus” and noting that
our firm routinely finds itself “facing off against some of the largest
and strongest defense law firms in the world.” In 2016, Benchmark
Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms
For more information about Lieff Cabraser and the firm’s representation
of investors, please visit www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Source/Contact for Media Inquiries Only
Sharon M. Lee
Cabraser Heimann & Bernstein, LLP