Brookdale Senior Living, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of Tennessee on behalf of those who acquired Brookdale Senior Living, Inc. (“Brookdale” or the “Company”) (NYSE: BKD) securities during the period from August 10, 2016 through April 29, 2020. Investors have until August 24, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that: (i) Brookdale’s financial performance was sustained by, among other things, the Company’s purposeful understaffing of its senior living communities; (ii) the foregoing conduct subjected Brookdale to an increased risk of litigation and, once revealed, was foreseeably likely to have a material negative impact on the Company’s financial results and reputation; and (iii) as a result, the Company’s financial results were unsustainable.
On April 30, 2020, Nashville Business Journal reported that a proposed class action lawsuit had been filed against Brookdale, which accused the Company of, among other things, purposeful “chronically insufficient staffing” at its facilities in an effort to meet financial benchmarks since at least April 24, 2016. According to the lawsuit, Brookdale misled residents and their families when it promised to provide basic care and daily living services.
On this news, Brookdale’s stock price fell $0.56, or 15.22%, over two trading sessions, to close at $3.12 per share on May 1, 2020.
If you acquired Brookdale securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.