Universal Health Services

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The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement of Class Action; (II) Settlement Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation, (the “Notice”), which you can access by clicking here.  Since this website is just a summary, you should review the Notice for additional information.

 

Notice of Pendency of Class Action:  Please be advised that your rights may be affected by the above-captioned securities class action (the “Action”) pending in the United States District Court for the Eastern District of Pennsylvania (the “Court”), if, during the period from March 2, 2015, through July 25, 2017, inclusive (the “Settlement Class Period”), you purchased or otherwise acquired common stock issued by Universal Health Services, Inc. (“UHS,” or the “Company”), and were allegedly damaged thereby.

Notice of Settlement:  Please also be advised that the Court-appointed Lead Plaintiffs, Teamsters Local 456 Pension Fund and Teamsters Local 456 Annuity Fund (together, “Lead Plaintiffs”), on behalf of themselves and the Settlement Class (as defined in paragraph 19 of the Notice), have reached a proposed settlement of the Action for $17,500,000.00 in cash that, if approved, will resolve all claims in the Action (the “Settlement”).

PLEASE READ THE NOTICE CAREFULLY.  The Notice explains important rights you may have, including the possible receipt of cash from the Settlement.  If you are a member of the Settlement Class, your legal rights will be affected whether or not you act.

If you have any questions about the Notice, the proposed Settlement, or your eligibility to participate in the Settlement, please DO NOT contact UHS, any other Defendants in the Action, or their counsel.  All questions should be directed to Lead Counsel or the Claims Administrator (see paragraph 82 of the Notice).  

Description of the Action and the Settlement Class:  The Notice relates to a proposed Settlement of claims in a pending securities class action brought by investors alleging, among other things, that defendants UHS, CEO Alan B. Miller (“Miller”), and CFO Steve G. Filton (“Filton,” and, together with Miller, the “Individual Defendants,” and together with UHS, “Defendants”) violated the federal securities laws by making false and misleading statements or omissions related to certain business practices at the Company’s behavioral health facilities. Defendants deny these claims.  A more detailed description of the Action is set forth in paragraphs 11-18 of the Notice.  The proposed Settlement, if approved by the Court, will settle claims of the Settlement Class, as defined in paragraph 19 of the Notice.

Statement of the Settlement Class’s Recovery:  Subject to Court approval, Lead Plaintiffs, on behalf of themselves and the Settlement Class, have agreed to settle the Action in exchange for a settlement payment of $17,500,000.00 in cash (the “Settlement Amount”) to be deposited into an escrow account.  The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (a) any Taxes, (b) any Notice and Administration Costs, (c) any Litigation Expenses awarded by the Court, (d) any attorneys’ fees awarded by the Court; and (e) any other Court-approved deductions) will be distributed in accordance with a plan of allocation that is approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class.  The proposed plan of allocation (the “Plan of Allocation”) is set forth in paragraphs 47-66 of the Notice.

Reasons for the Settlement:  Lead Plaintiffs’ principal reason for entering into the Settlement is the substantial immediate cash benefit for the Settlement Class without the risk or the delays inherent in further litigation.  Moreover, the substantial cash benefit provided under the Settlement must be considered against the significant risk that a smaller recovery – or indeed no recovery at all – might be achieved after resolution of Lead Plaintiffs’ appeal of the Court’s order dismissing the Action, further contested motions, a trial of the Action and the likely appeals that would follow a trial.  This process could be expected to last several years.  Defendants, who deny all allegations of wrongdoing or liability whatsoever, are entering into the Settlement solely to eliminate the uncertainty, burden and expense of further protracted litigation.  Defendants have asserted and continue to assert that their conduct was at all times proper and in compliance with all applicable provisions of law, and believe that the Action is without merit. Before agreeing to the Settlement, Lead Counsel conducted extensive investigation and research into the merits of the Action. This investigation included consultation with experts concerning the amount of damages allegedly suffered by the Class; detailed review of UHS’s public filings, including SEC filings, press releases, and other public statements; locating and interviewing fact witnesses; and researching the applicable law with respect to the claims asserted in the complaint filed in this Action and the potential defenses thereto.

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act.


YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

SUBMIT A CLAIM FORM POSTMARKED OR SUBMITTED TO THE SETTLEMENT WEBSITE BY NO LATER THAN JULY 8, 2021.

This is the only way to be potentially eligible to receive a payment from the Settlement Fund.  If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in paragraph 28 of the Notice) that you have against Defendants and the other Defendant Releasees (defined in paragraph 29 of the Notice), so it is in your interest to submit a Claim Form.

EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN JUNE 24, 2021.

If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund.  This is the only option that might allow you to be part of any other lawsuit against any of the Defendants or the other Defendant Releasees concerning the Released Plaintiffs’ Claims, if you have a valid and timely claim. 

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN JUNE 24, 2021.

If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them.  You cannot object to the Settlement, the Plan of Allocation or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class. 

ATTEND A HEARING ON JULY 15, 2021 AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN JUNE 24, 2021.

Filing a written objection and notice of intention to appear by June 24, 2021, allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses.  If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.

DO NOTHING.

If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.

 

 
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