PHILADELPHIA — A stockholder is suing a group of nine Universal Health Services Inc. executives and board members, alleging breach of duty and violation of federal law for misrepresenting stock prices of their company.
Firemen's Retirement System of St. Louis filed a complaint on May 22 in U.S. District Court for the Eastern District of Pennsylvania against the defendants alleging that they made false statements regarding the King of Prussia company's stock to shareholders. Alan B. Miller, Marc D. Miller, Steve Filton, Debra K. Osteen, Lawrence S. Gibbs, John H. Herrell, Robert H. Hotz, Eileen C. McDonnell and Anthony Pantaleoni are the Universal officers named in the suit.
According to the complaint, the plaintiff alleges that it was damaged from purchasing stock shares at inflated prices. The plaintiff holds the defendants responsible because they allegedly made false representations regarding the company in order to artificially inflate share prices.
The plaintiff requests a trial by jury and seeks restitution, disgorgement, all profits, benefits and other compensation, court costs and any further relief this court grants. They are represented by Deborah R. Gross of Kaufman, Coren & Ress P.C. in Philadelphia.
U.S. District Court for the Eastern District of Pennsylvania case number 2:17-cv-02317-LS