Five Star Quality Care, Inc. Engages McGladrey LLP as Its Independent Registered Public Accounting Firm

NEWTON, Mass.--(BUSINESS WIRE)--

Five Star Quality Care, Inc. FVE today announced that the audit committee of its board of directors has engaged McGladrey LLP (“McGladrey”) as FVE's independent registered public accounting firm. McGladrey replaces Ernst & Young LLP (“Ernst & Young”). During FVE's two most recent fiscal years and the subsequent interim periods, FVE and Ernst & Young have had no disagreement on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Simultaneously, FVE announced that it intends to file with the U.S. Securities and Exchange Commission (“SEC”) its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014 on or about the same day and that it currently expects those filings to occur by December 31, 2014. The lenders under each of FVE's $150.0 million revolving credit facility and FVE's $25.0 million revolving credit facility have waived, until December 31, 2014, any defaults resulting from FVE's not timely delivering its financial statements for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014, as required under those credit facilities.

Five Star Quality Care, Inc. is a senior living and healthcare services company which owns, leases and manages senior living communities, including primarily private pay independent and assisted living communities located throughout the U.S. Five Star is headquartered in Newton, Massachusetts.

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