San Diego, CA -- (SBWire) -- 05/03/2023 --An investor, who purchased shares of Medical Properties Trust, Inc. (NYSE: MPW), filed a lawsuit over alleged Securities Laws violations by Medical Properties Trust, Inc. in connection with certain allegedly false and misleading statements.
Investors who shares of Medical Properties Trust, Inc. (NYSE: MPW) have certain options and for certain investors are short and strict deadlines running. Deadline: June 12, 2023. NYSE: MPW investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Birmingham, AL based Medical Properties Trust, Inc. is a self-advised real estate investment trust ("REIT") formed in 2003 to acquire and develop net-leased hospital facilities. Medical Properties Trust, Inc. leases its facilities under long-term leases to providers of healthcare services, such as operators of general acute care hospitals, behavioral health facilities, inpatient physical rehabilitation facilities, long-term acute care hospitals, and freestanding ER/urgent care facilities.
Prospect Medical Holdings, Inc. ("Prospect") leases and operates 13 of Medical Properties Trust, Inc's facilities. As of December 31, 2021, Prospect was Medical Properties Trust, Inc. 's third largest tenant, representing 7.3% of its total assets. As a tenant, Prospect is required to pay all ongoing operating expenses of the facility and for any desired expenditures.
On February 23, 2023, before the market opened, Medical Properties Trust, Inc. T issued a press release announcing its fourth quarter and full year 2022 financial results. Therein, Medical Properties Trust, Inc. disclosed an impairment of about $171 million on four properties leased to Prospect as well as a write off of about $112 million in unbilled rent for the same client.
Shares of Medical Properties Trust, Inc. (NYSE: MPW) declined to $7.10 per share on March 24, 2023.
The plaintiff claims that between March 1, 2022 and February 22, 2023, the Defendants failed to disclose to investors that Prospect was facing significant pressures affecting the profitability of its Pennsylvania properties, that, as a result, there was a significant risk that Prospect would be unable to meet its rental obligations owed to MPT, that, "given the elongated timing of the Pennsylvania recovery," the Company was reasonably likely to record an impairment charge to the real estate value of the Pennsylvania properties, and that as a result of the foregoing, Defendant's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Medical Properties Trust, Inc. (NYSE: MPW) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NYSE:MPW Shareholder Notice: Lawsuit Alleges Misleading Statements by Medical Properties Trust, Inc.
A lawsuit was filed on behalf of investors in Medical Properties Trust, Inc. (NYSE:MPW) shares over alleged securities laws violations.