Skilled Healthcare Settles Securities Action For $3M

Law360, New York (September 1, 2010, 2:22 PM EDT) -- Skilled Healthcare Group Inc. has reached a $3 million settlement with investors over steep losses incurred when the company was forced to restate earnings because it had overstated reserves set aside to cover unpaid patient bills.

The plaintiffs filed a motion to approve the settlement Tuesday in the U.S. District Court for the Central District of California.

“We think it's a good settlement for the class,” said Peter A. Binkow, a partner at Glancy Binkow & Goldberg LLP and co-lead counsel for the plaintiffs.

Co-lead plaintiffs...
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