HENDERSONVILLE, TN / November 5, 2020/ The Law Offices of Timothy L. Miles, who that it is investigating certain officers and directors of Brookdale Senior Living Inc. (NYSE: BKD) for breaches of their fiduciary duties, unjust enrichment, waste of corporate assets, and gross mismanagement. Brookdale Senior Living owns and operates senior living communities in the United States.
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Brookdale Senior Living Inc. (BKD) Understaffed Senior Living Centers
Between August 2016 and April 2020, Brookdale failed to disclose and made misleading statements regarding the Company’s business, operational, and legal profiles. Over the years, Brookdale repeatedly affirmed its operating efficiency based on proprietary software that determined daily staffing needs at its facilities. However, Brookdale underestimated the data inputs entered into the software in an effort to meet certain financial performance targets, which resulted in daily staffing at its facilities to come in below levels necessary to meet resident need. As a result, Brookdale failed to provide proper care and breached resident contracts. Residents have filed class actions against Brookdale for “chronically insufficient staffing” at its facilities that “routinely” failed to sufficiently service the needs of its residents, and intentionally underestimating data inputs to meet financial benchmarks. On April 30, 2020, the Nashville Business Journal reported on these class actions and exposed “lucrative bonus and incentive programs tied to meeting or exceeding Brookdale’s financial performance targets” to entice employees to “stay at or below Brookdale’s limits for staffing expenses.” On this news, Brookdale’s share price fell over 15% over two trading sessions to close at $3.12 per share. Thereafter, a Brookdate investor filed a securities fraud class actions against the company and certain of its officers and directors for violatins of the Securties Exchage Act of 1934. The case is captioned Posey v. Brookdale Senior Living Inc., No. 20-cv-00543, and is assigned to Judge Aleta A. Trauger in the Middle District of Tennessee, at Nashville.
Brookdale Shareholders Urged to Contact the Firm
If you purchased Brookdale securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to email@example.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely awarded the recognition of American’s Most Honored Lawyers 2020 – Top 1% by the American Registry. Mr. Miles was also recently selected by Martindale-Hubbell® and ALM as a 2020 Top Ranked Lawyer and a 2020 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®,their highest rating for both legal ability and ethics. Mr. Miles is amember of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019-2020). Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019); Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2018-2020); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).
SOURCE: The Law Offices of Timothy L. Miles
Leading the Fight to Protect Shareholder Rights for Over 19 Years