November 22, 2019 - The court granted the defendants' motion to dismiss.

March 30, 2018 - A motion to dismiss the consolidated complaint was filed.

February 28, 2018 - A consolidated complaint was filed.

May 9, 2016 - An investor in shares of HCP Inc (NYSE: HCP) filed a lawsuit in the U.S. District Court for the Northern District of Ohio against real estate investment trust HCP Inc, HCR ManorCare Inc ( ManorCare ), and certain of their senior executives over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 30, 2015 and February 8, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of HCP Inc (NYSE: HCP) common shares between March 30, 2015 and February 8, 2016, that the defendants violated Federal Securities Laws by issuing allegedly false and misleading press releases, financial statements, filings with the U.S. Securities and Exchange Commission ( SEC ), and statements during investor conference calls. The plaintiff says that HCP Inc was highly dependent upon the operations of ManorCare, a nursing home operator, which served as HCP Inc's most significant client, that prior to March 2015 HCP Inc invested directly in ManorCare, purchasing substantially all of ManorCare's real estate facilities (which were then leased back to ManorCare) and taking a 10% equity stake in ManorCare, and that as a result of that transaction, ManorCare had a significant impact on several aspects of HCP Inc's operations and was highly important to HCP Inc investors.

The plaintiff claims that between March 30, 2015 and February 8, 2016, the defendants misrepresented ManorCare's financial performance, the value of HCP Inc's ManorCare assets, and that HCP Inc's revenue stream from ManorCare leases was secure. Moreover, HCP Inc and ManorCare represented that ManorCare had a long history of compliance with regulations, and that ManorCare's billing practices had been audited in the past and were to the standard one would want.”, and that as result of these misrepresentations, HCP Inc common stock traded at allegedly artificially inflated prices between March 30, 2015 and February 8, 2016.

The plaintiff alleges that the defendants knew or recklessly disregarded that ManorCare was engaged in rampant billing fraud, which allegedly generated false claims for reimbursement submitted to government programs. ManorCare's billing fraud was the subject of multiple whistleblower lawsuits, and an investigation by the United States Department of Justice ( DOJ ).

On April 21, 2015, HCP Inc disclosed that the DOJ had intervened in the whistleblower lawsuits and filed a consolidated complaint.

On May 5, 2015, HCP Inc announced its first quarter 2015 financial results. HCP Inc disclosed that it had recorded a non-cash impairment charge of $478 million related to certain of its lease arrangements with ManorCare.

On February 9, 2016, HCP Inc announced its results for the fourth quarter and year ended December 31, 2015, and issued its 2016 outlook. HCP Inc reported that its annual Total Revenue rse from over $2.26 billion in 2014 to over $2.54 billion in 2015 while its Net Income of $922.23 million in 2014 declined to a Net Loss of $559.24 million in 2015. HCP Inc also disclosed that its equity stake in ManorCare had been written down to zero, and that it had taken an $836 million non-cash impairment on its ManorCare lease assets and placed all of its ManorCare real estate assets on a Watch List.

Shares of HCP Inc (NYSE: HCP) declined on February 11, 2016 to as low as $25.11 per share.