LOS ANGELES, CA / ACCESSWIRE / February 11, 2020 / The Law Offices of Frank R. Cruz announces an investigation on behalf of U.S. Physical Therapy, Inc., ("U.S. Physical" or the "Company") (NYSE:USPH) investors concerning the Company and its officers' possible violations of federal securities laws.
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On November 7, 2019, during the third quarter 2019 conference call, U.S Physical Chief Executive Officer ("CEO") Christopher J. Reading disclosed "an adjustment in the third quarter for an approximate $525,000 overpayment relating to a single physical therapy partnership, the majority of which occurred over a multiyear period and discovered this summer by our team." He explained that "this was isolated and unique to the single partnership with a payor" and that the Company was "currently working to offset the rate adjustment with operational improvements."
On this news, the Company's stock price fell as much as $27.82 per share, or nearly 19%, to close at $119.18 per share on November 7, 2019, thereby injuring investors.
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If you purchased U.S. Physical securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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CONTACT:
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
SOURCE: The Law Offices of Frank R. Cruz