Investors Sue Universal Health In Wake Of Fraud Probes
Law360, Wilmington (July 3, 2017, 7:13 PM EDT) -- Investors in health care giant Universal Health Services Inc. have sued its directors and top officers on behalf of the company, seeking a Delaware Chancery Court award for damages caused by violations of insurance and involuntary commitment rules.
The derivative suit, filed late Friday by the Pennsylvania-based Delaware County Employees' Retirement Fund and Chester County Employees Retirement System on behalf of UHS itself, accuse the company’s founder, board members and key employees of “management-directed malfeasance” in connection with revenue-maximizing rule-breaking.
UHS has been under regulatory review for years over False Claims Act concerns as well as psychiatric admission and discharge practices...
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