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UpHealth Inc. Investigation


The law firm of Kirby McInerney LLP is investigating potential claims against UpHealth, Inc. (“UpHealth” or the “Company”) (NYSE: UPH). The investigation concerns whether UpHealth has violated the federal securities laws and/or engaged in other unlawful business practices.
 
UpHealth, formerly Gigcapital2, Inc., is a global digital health company that delivers technology, infrastructure and services to modernize care delivery and health management.
 
In a March 30, 2022 press release, UpHealth announced that “[o]n March 25, 2022, the Audit Committee of the Board of Directors of UpHealth, after considering the recommendations of management, concluded that the Company’s condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the three and nine month periods ended September 30, 2021 (the ‘Non-Reliance Periods’) as previously filed with the [SEC] should not be relied upon because of errors identified therein . . . .” UpHealth also reported that “[t]he error that caused the Company to conclude that its financial statements and other financial information for the Non-Reliance Periods should not be relied upon was the result of an incorrect accounting conclusion regarding a contract with a customer, which resulted in the incorrect recognition of revenue during the Non-Reliance Period.” On this news, the price of UpHealth shares declined by $0.63 per share, or approximately 31.8%, from $1.98 per share to close at $1.35 per share on March 30, 2022.
 

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