U.S. Physical Therapy, Inc. ("USPh") is a publicly held company that operates hundreds of outpatient physical and occupational therapy clinics in over 41 states.

According to the law firm press release, the Complaint filed in this lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company had a material weakness in its internal controls over accounting and financial reporting; (2) that the Company improperly accounted for redeemable non-controlling interests of acquired partnerships in violation of Generally Accepted Accounting Principles (“GAAP”); (3) that, as a result, the Company’s financial statements for the years ended December 31, 2015 and 2014, and all quarters within 2014 and 2015, and the first three quarters of 2016 contained material errors; and (4) that, as a result of the foregoing, Defendants’ statements about USPh’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On June 8, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 4. Lead Plaintiff filed a second amended Complaint on October 12. Defendants filed a Motion to Dismiss on December 1. On July 23, 2018, the Court issued an Order granting Defendants' Motion to Dismiss, closing this action.