HCSG issued a press release on February 10, 2021 announcing their financial and operating results for the fourth quarter of 2020. This press release also provided an update on the status of a previously disclosed U.S. Securities and Exchange Commission (“SEC”) investigation into HCSG’s earnings-per-share calculation practices, announcing that “[t]he Company and the SEC have recently commenced discussions regarding a potential resolution of the investigation, which focuses on periods prior to 2018. As discussions regarding a potential resolution are ongoing, Mr. John C. Shea, the Company’s Chief Financial Officer, has notified the Company that he is taking a temporary leave of absence from his duties.”
On February 10, 2021, HCSG’s stock price fell $3.01 per share, or 8.88%, on this news, to close at $30.90 per share.
Healthcare Services Group, Inc.
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