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PRNewswire 18-Mar-2023 7:00 AM
NEW YORK, March 18, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Welltower Inc. ("Welltower" or the "Company") (NYSE:WELL).
If you suffered losses exceeding $50,000 investing in Welltower stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/WELL.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
Welltower operates a REIT principally focused on the rental of skilled nursing facilities and senior housing facilities. According to an analyst report published by Hindenburg Research, the Company's largest tenant, a non-profit health system in the Midwest called ProMedica, previously accounted for 12% of the company's annual Net Operating Income. ProMedica faced severe distress and began breaching bond covenants in early 2022, threatening Welltower's investment.
The Hindenburg report further discloses that on November 7th, 2022, Welltower announced a solution: it would transfer the operation of 147 skilled nursing facilities out of ProMedica and into a new joint venture with a health care operator called Integra Health. The deal helped fuel a 9% spike in Welltower's stock. Welltower's CEO said that Integra provided a "well-capitalized strategic partner" resulting in Welltower being paid 4% more in cash rent under the new JV, coming out ahead despite the distressed situation.
The Hindenburg report concludes that, "Despite the high praise from Welltower's management and claims of being a well-experienced operator, Integra seems to barely exist. The entity was registered 6 months ago, according to Delaware corporate records. Its website was registered on the same day."
On this news Welltower's shares fell sharply in value thereby damaging investors.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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SOURCE Faruqi & Faruqi, LLP