NEW YORK, Aug. 3, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Skilled Healthcare Group, Inc. ("Skilled Healthcare" or the "Company") (NYSE:SKH) common stock during the period between May 14, 2007 through June 9, 2009 (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Skilled Healthcare common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by September 22, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges Skilled Healthcare and certain of its officers and directors violated the federal securities laws by misrepresenting the true amount of its income in its IPO prospectus and in other SEC filings and public communications. In an announcement dated June 9, 2009, Skilled Healthcare 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 the Company expected to restate those financial statements. According to the announcement, Skilled Healthcare discovered errors relating to its accounting for reserves on its accounts receivable. The Company estimated that the cumulative charges against after-tax earnings in the aggregate would be between $8 million and $9 million. The Complaint alleges that this adverse disclosure caused the value of Skilled Healthcare's stock to fall, damaging investors.