Skilled Healthcare (NYSE:SKH)Has the current market capitalization of 126.97 million shares. Skilled Healthcare Group, Inc., through its subsidiaries, operates skilled nursing facilities, assisted living facilities, hospices, and a rehabilitation therapy
NEW YORK,NY - SKH has gone up by $0.89(36.03%) with the trading volume of 1,405,011. It has touched day high of $9.36 and low of $5.83 and was last traded at $3.36.
Skilled nursing facilities provide specialty care, such as chemotherapy, enteral/parenteral nutrition, tracheotomy care, and ventilator care, as well as offers various services, including room and board, special nutritional programs, social services, recreational activities, and related healthcare and other services.
SKH - skilled nursing facilities include Express Recovery, a unit that provides skilled nursing care and rehabilitation therapy for patients recovering from conditions, such as joint replacement surgery, and cardiac and respiratory ailments.
In addition, the company offers hospice services comprising palliative and clinical care, education, and counseling with a focus on the physical, spiritual, and psychosocial needs of terminally ill individuals and their families. As of December 31, 2009, it owned or leased 78 skilled nursing facilities and 22 assisted living facilities, together comprising 10,954 licensed beds in California, Texas, Iowa, Kansas, Missouri, Nevada, and New Mexico.
Skilled Healthcare (NYSE:SKH) company has a joint venture with APS Acquisition, LLC. that operates a pharmacy in Austin, Texas. Skilled Healthcare Group is based in Foothill Ranch, California.
Recently, a Humboldt County, California, Superior Court jury ordered Skilled Healthcare to pay $671 million in damages ($613 million in statutory damages and $58 million in restitution damages, the maximum allowed by law) for not providing sufficient nursing care to patients.
After the verdict was announced, the Company’s shares plunged over 75% to $1.54, a record low.
Decline reduced Skilled Healthcare’s market cap to $57 million. Additionally, earlier this month, Skilled Healthcare filed a motion asking Humboldt County Judge Bruce Watson to declare a mistrial. Just last week, Judge Watson denied the motion, finding no evidence of juror misconduct. Upon this news, the Company’s value fell an additional 10%.
Besides the fall in its value, the Company expects revenue to be between $795 million and $805 million. With no choice left, it has agreed to a stipulation with the other parties to the case entitled Vinnie Lavender, by and through her Conservator, Wanda Baker; Walter Simon; Jacquelyn Vilchinsky vs. Skilled Healthcare Group, Inc., et al. (and 22 individually-named California nursing facilities receiving administrative services from Skilled Healthcare, LLC).
Robbins Umeda LLP’s investigation concerns whether the Company’s directors and officers damaged Skilled Healthcare by causing or allowing it to violate California’s health and safety code by not providing the minimum of 3.2 hours of direct nursing care per day to patients at various facilities.
Robbins Umeda LLP is a California-based law firm, which has significant experience representing investors in shareholder derivative actions, securities fraud class actions, and merger-related shareholder class actions.
Shareholders of Skilled Healthcare, plan to continue to hold your shares.
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