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Stock Market & Financial Investment News

News Breaks
February 12, 2013
08:05 EDTHCPHCP Inc. reports Q4 adjusted FFO $72c, consensus 71c
Reports Q4 revenue $508.5M, consensus 492.51M
News For HCP From The Last 14 Days
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April 21, 2015
08:36 EDTHCPHCP discloses DOJ complaint against HCR ManorCare
HCP disclosed the Department of Justice filed a complaint that was released from seal on April 20 against HCR ManorCare and certain of its affiliates. The DOJ's complaint follows a civil investigation of three previously-sealed lawsuits filed by former employees of HCRMC under the qui tam provisions of the federal False Claims Act. The United States intervened against HCRMC in the parts of the civil actions alleging that they submitted claims to Medicare for therapy services that were not covered by the skilled nursing facility benefit, were not medically reasonable and necessary, were not skilled in nature, and therefore not entitled to Medicare reimbursement, HCP explained. The cases are consolidated in the United States District Court for the Eastern District of Virginia. The DOJ complaint relates to the previously disclosed Civil Investigative Demand and related requests for information regarding HCRMC’s skilled nursing facilities coordinated by the DOJ. The company added, "HCRMC has advised HCP that it intends to vigorously defend the DOJ’s civil action. The government’s case against HCRMC is one of several brought in the past few years against skilled nursing facility operators alleging the provision of unnecessary rehabilitation therapy. Since the case is at a preliminary stage, the ultimate outcome is uncertain." The DOJ disclosed that it declined to intervene in the qui tam actions with respect to HCP. HCP had been named as a defendant by one of the qui tam plaintiffs along with other defendants associated with HCRMC, including other HCRMC shareholders.

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