UpHealth Stock Drops - UpHealth Reports That Certain Financial Statements Should No Longer Be Relied Upon - Securities Investigation on Behalf of UPH Investors

NEW YORK, NY / ACCESSWIRE / March 30, 2022 / Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of UpHealth, Inc. ("UpHealth" or the "Company") UPH.

UPHEALTH INVESTORS WHO HAVE ACQUIRED UPH STOCK AND LOST MONEY ON THEIR INVESTMENT ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C. AND PROVIDE DETAILS ABOUT THEIR STOCK LOSSES.

In a March 30, 2022 press release, UpHealth announced that "[o]n March 25, 2022, the Audit Committee of the Board of Directors of UpHealth, after considering the recommendations of management, concluded that the Company's condensed consolidated financial statements included in the Company's Quarterly Report on Form 10-Q for the three and nine month periods ended September 30, 2021 (the 'Non-Reliance Periods') as previously filed with the SEC should not be relied upon because of errors identified therein . . . ."

UpHealth also reported that "[t]he error that caused the Company to conclude that its financial statements and other financial information for the Non-Reliance Periods should not be relied upon was the result of an incorrect accounting conclusion regarding a contract with a customer, which resulted in the incorrect recognition of revenue during the Non-Reliance Period."

On this news, UpHealth stock was down almost 30% during intraday trading on March 30, 2022.

UPHEALTH INVESTORS WITH FINANCIAL LOSSES ARE ENCOURAGED TO CONTACT KEHOE LAW FIRM, P.C., JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, JKEHOE@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, FOR A CONFIDENTIAL CONSULTATION AND NO-OBLIGATION EVALUATION OF POTENTIAL LEGAL CLAIMS.

Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff-side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm, P.C. have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.

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SOURCE: Kehoe Law Firm, P.C.