SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Orpea SA - ORPEF
NEW YORK, Feb. 13, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Orpea SA ("Orpea" or the "Company") (OTCMKTS: ORPEF). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Orpea and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 24, 2022, French newspaper Le Monde published an article featuring extracts of a book entitled The Gravediggers, which detailed mistreatment of elderly residents at Orpea's nursing homes. Specifically, the book included allegations that residents were not provided enough meals, that facilities lacked proper hygiene standards, and that residents were discriminated against based on social class. The book also accused Orpea's top managers of cutting costs and putting profits ahead of patient welfare.
On this news, Orpea's stock price fell $56.06 per share, or 46.37%, to close at $64.82 per share on January 25, 2022.
On February 1, 2022, Orpea announced that it had hired accounting firms Grant Thornton and Alvarez & Marsal to carry out independent examinations of the allegations made in The Gravediggers. Then, on February 3, 2022, multiple news outlets reported that the investigative French TV show Cash Investigation had been exploring the French nursing home industry for more than a year and was promising to report "new revelations" on nursing-home operators.
On this news, Orpea's stock price fell $6.56 per share, or 14.32%, to close at $39.25 per share on February 4, 2022.
Finally, on April 26, 2022, Orpea published preliminary findings of the independent investigations conducted by Grant Thornton and Alvarez & Marsal. Among other things, the two accounting firms confirmed that Orpea's budget process and management regularly resulted in its establishments being understaffed.
On this news, Orpea's stock price fell $3.40 per share, or 9.17%, to close at $33.67 per share on April 26, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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