Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into U.S. Physical Therapy, Inc. (NYSE: USPH).
On March 16, 2017, U.S. Physical Therapy revealed an accounting error related to “the Company’s historical accounting for redeemable non-controlling interests of acquired partnerships…due to the fact that those partnership agreements contain a provision that makes the non-controlling interests mandatorily redeemable and, thus incorrectly classified.”
The Company further stated that “this error will result in the reporting of a material weakness in internal controls over financial reporting” requiring “the restatement of previously issued financial statements.”
Thereafter, U.S. Physical Therapy and certain of its executives were sued in a class action lawsuit, charging them with violations of federal securities laws.
KSF’s investigation is focusing on whether U.S. Physical Therapy’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of U.S. Physical Therapy shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org).