Community Health Systems (NYSE:CYH) Investor Investigation Concerning Potential Securities Laws Violations Announced

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Company Name(s): 
Community Health Systems
Affected Securities: 

October 31, 2016 (Shareholders Foundation) - An investigation on behalf of investors of Community Health Systems (NYSE:CYH) shares over potential securities laws violations by Community Health Systems and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Community Health Systems (NYSE:CYH) concerning whether a series of statements by Community Health Systems regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Community Health Systems reported that its annual Total Revenue rose from $18.63 billion in 2014 to over $19.43 billion in 2015 and that its resepctvie Net Income increased from $92 million to $158 million.

Shares of Community Health Systems (NYSE:CYH) traded in 2015 as high as $64.04 per share.

On October 27, 2016, Community Health Systems issued its preliminary results for its third quarter 2016, announcing an EBITDA of $465 million. Community Health Systems stated: “The lower than anticipated results were primarily caused by lower than expected volume and the resulting lower net operating revenues, as well as larger than anticipated reductions to reimbursement from state supplemental programs. Our results were also impacted by a failure to achieve anticipated expense reductions….”

Shares of Community Health Systems (NYSE:CYH) declined to as low as $4.88 per share on October 27, 2016.

On October 31, 2016, NYSE:CYH closed at $5.28 per share.