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If you purchased shares of Skilled Healthcare Group Inc (NYSE: SKH), you might have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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April 10, 2012 - The court ordered the authorization of the distribution of the net settlement fund.
March 2, 2011 - The court entered a final judgement and dismissed the case with prejudice.
January 26, 2011 - The court approved the settlement and approved the plan of allocation.
December 6, 2010 - The court held a final settlement hearing.
September 13, 2010 - The court preliminarily approved the settlement.
August 31, 2010 - Parties filed a stipulation of settlement.
March 15, 2009 - Defendants filed a motion to dismiss.
January 12, 2010 - The lead plaintiffs filed an amended consolidated complaint.
November 10, 2009 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.
September 30, 2009 - Another lead plaintiff motion was filed.
September 22, 2009 - Lead plaintiff motions were filed.
July 24, 2009 - An investor in shares of Skilled Healthcare Group Inc (NYSE: SKH) filed a lawsuit in the U.S. District Court for the Central District of California on behalf of all purchasers of Skilled Healthcare Group Inc (NYSE: SKH) common stock between May 14, 2007 and June 9, 2009, alleging violations of the federal securities laws by Skilled Healthcare Group Inc.
According to the complaint the plaintiff alleges that Skilled Healthcare Group Inc and certain of its officers and directors violated the federal securities laws Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, by misrepresenting its income in its IPO prospectus and in other SEC filings and public communications which had the effect of artificially inflating the market price. In an announcement dated June 9, 2009, Skilled Healthcare Group Inc announced that the Company's prior financial statements for the annual and quarterly periods between January 1, 2006 and March 31, 2009 should no longer be relied upon and that Skilled Healthcare Group Inc expected to restate those financial statements.
On June 9, 2009, Skilled Healthcare Group Inc announced that the Company’s financial statements for the annual and quarterly periods between January 1, 2006 and March 31, 2009 were inaccurate and should no longer be relied upon, and that Skilled Healthcare Group Inc expected to restate those financial statements. According to the announcement, Skilled Healthcare Group Inc discovered errors relating to its accounting for reserves on its accounts receivable. Skilled Healthcare Group Inc estimated that the cumulative charges against after-tax earnings in the aggregate would be between $8 million and $9 million. As a result of the announcement that Skilled Healthcare Group Inc misstated its earnings, its stock price has dropped, damaging investors, so the lawsuit.
Skilled Healthcare Group Inc is a provider of integrated long-term healthcare services through its nursing companies and rehabilitation therapy business. Skilled Healthcare Group Inc also provides other related healthcare services, including assisted living care and hospice care. Skilled Healthcare Group Inc is located in Foothill Ranch, California. Shares of Skilled Healthcare Group Inc (NYSE: SKH) traded recently at $8.48 per share, down from a 52weekHigh of $ 17.17per share.