Brookdale Senior Living Inc. Class Action Lawsuit
- Company Name
- Brookdale Senior Living Inc.
- Stock Symbol
- Class Period
- August 10, 2016 to April 29, 2020
- Motion Deadline
- August 24, 2020
- Middle District of Tennessee
The Brookdale Senior Living Inc. class action lawsuit charges Brookdale Senior Living and certain of its current and former officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Brookdale Senior Living securities between August 10, 2016 and April 29, 2020, inclusive (the “Class Period”). The Brookdale Senior Living class action lawsuit was commenced on June 25, 2020 in the Middle District of Tennessee and is captioned Posey v. Brookdale Senior Living Inc., No. 20-cv-00543.
Brookdale Senior Living is the nation’s largest senior-living community operator, with $4 billion in reported revenue in 2019.
The complaint filed in Posey v. Brookdale Senior Living Inc. alleges that defendants made materially false and/or misleading statements, as well as failed to disclose that: (i) “Brookdale[ Senior Living]’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 [Senior Living] to an increased risk of litigation and, once revealed, was foreseeably likely to have a material negative impact on [Brookdale Senior Living’s] financial results and reputation”; (iii) “as a result, [Brookdale Senior Living’s] financial results were unsustainable”; and (iv) “as a result, [Brookdale Senior Living’s] public statements were materially false and misleading at all relevant times.”
On April 30, 2020, Nashville Business Journal reported that a proposed class action lawsuit had been filed against Brookdale Senior Living accusing Brookdale Senior Living 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 Senior Living misled residents and their families when it promised to provide basic care and daily living services. The lawsuit also claims that the proposed class of plaintiffs “have not received the care and services they paid for.” The lawsuit asks for damages and for Brookdale Senior Living to “stop the unlawful and fraudulent practices.” The complaint filed in Posey v. Brookdale Senior Living Inc. alleges that, on this news, Brookdale Senior Living’s stock price fell more than 15% over two trading sessions.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Brookdale Senior Living securities during the Class Period to seek appointment as lead plaintiff in the Brookdale Senior Living class action lawsuit. A lead plaintiff will act on behalf of all other class members in directing the Brookdale Senior Living class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Brookdale Senior Living class action lawsuit. An investor’s ability to share in any potential future recovery of the Brookdale Senior Living class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Brookdale Senior Living class action lawsuit or have questions concerning your rights regarding the Brookdale Senior Living class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. Lead plaintiff motions for the Brookdale Senior Living class action lawsuit must be filed with the court no later than August 24, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.