HCP, Inc. Shareholder Alert: Former SEC Attorney Willie Briscoe & Powers Taylor Investigate Possible Breaches of Fiduciary Du...

Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against HCP, Inc. (“HCP”) (NYSE: HCP) and several officers and directors for acts taken during the period of March 30, 2015 to February 8, 2016 (the “Class Period”).

Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of HCP. If you are an affected HCP shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at [e-mail], Patrick Powers at Powers Taylor LLP via email at [e-mail], or call toll free at [phone]. There is no cost or fee to you.

According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants failed to disclose that one of HCP’s chief clients, ManorCare, was engaged in extensive billing fraud that may have generated roughly $6 billion in false settlement claims, and that the value of HCP’s interest in ManorCare was dubious. According to the complaint, HCP disclosed on April 21, 2015 that the Department of Justice had intervened in whistleblower lawsuits against ManorCare. On May 5, 2015, HCP disclosed that it had recorded a $478 million impairment charge related to lease arrangements with ManorCare. Then, on February 9, 2016, HCP disclosed that it had written down its 10% equity stake in ManorCare to zero and had booked a $836 million impairment on its ManorCare lease assets. HCP stock dropped significantly immediately following this announcement.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160511006376/en/

The Briscoe Law Firm, PLLCWillie Briscoe, [e-mail] Taylor LLPPatrick Powers, [e-mail]