HCA Holdings, Inc.
Robbins Umeda LLP Announces an Investigation of HCA Holdings, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at HCA Holdings, Inc. (NYSE: HCA).
Robbins Umeda LLP’s investigation focuses on whether officials at HCA Holdings breached their fiduciary duties to shareholders, maintained woefully inadequate controls, and wasted corporate assets to the detriment of the company and investors. The firm is investigating allegations that officials at the company caused HCA Holdings to improperly prepare its IPO Registration Statement and Prospectus, allowing for the inclusion of materially false information and the omission of necessary facts. In particular, the firm is examining whether or not officers and directors at HCA Holdings improperly accounted for two major acquisitions as recapitalizations when preparing the IPO filings.
On July 25, 2011, the company released financial results for the second quarter of 2011 that revealed that HCA Holdings was performing well below expectations. Additionally, a financial analyst report released on October 1, 2011, disclosed that officials at HCA Holdings used a method prohibited by the Financial Accounting Standards Board to account for two major reorganizational transactions. By using this prohibited method, the company overstated its earnings and failed to account for significant depreciation and amortization charges related to these transactions.
Since these facts have emerged, the company is increasingly the subject of costly public and legal scrutiny. These events have also negatively impacted HCA Holdings’s value. After closing as high as $34.24 per share on March 30, 2011, shares of HCA Holdings closed at just $22.78 per share on October 28, 2011.
If you own shares of HCA Holdings and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.