Universal Health Services Files 8-K

TL;DR

UHS filed an 8-K on 9/30 for an event on 9/27. Details TBD.

AI Summary

Universal Health Services, Inc. (UHS) filed an 8-K on September 30, 2024, reporting an event that occurred on September 27, 2024. The filing is categorized under 'Other Events' and does not specify further details within the provided text.

Why It Matters

This filing indicates a material event has occurred for Universal Health Services, Inc., requiring public disclosure to investors.

Risk Assessment

Risk Level: low — The filing is a standard disclosure form and does not contain information that inherently poses a high risk.

Key Players & Entities

• UNIVERSAL HEALTH SERVICES INC (company) — Registrant
• 0000352915 (company) — Central Index Key
• 23-2077891 (company) — I.R.S. Employer Identification No.
• 367 S GULPH RD (company) — Business Address Street 1
• KING OF PRUSSIA (company) — Business Address City
• PA (company) — Business Address State
• 19406 (company) — Business Address Zip
• 6107683300 (company) — Business Phone
• September 27, 2024 (date) — Date of earliest event reported
• September 30, 2024 (date) — Filing Date

FAQ

Key Financial Figures

• $60 million — ntiffs combined compensatory damages of $60 million for all liability theories, an addition
• $180 million — bility theories, an additional combined $180 million in trebled damages for violation of the
• $120 million — of the VCPA, and an additional combined $120 million in punitive damages. Cumberland is eval
• $1.05 million — uld be reduced to a combined maximum of $1.05 million as a matter of law. There are approxi
• $475 million — of $60 million and punitive damages of $475 million and a related judgment was entered agai
• $221 million — ate insurance coverage of approximately $221 million remaining under commercial policies for
• $10 million — cable self-insured retention amounts of $10 million per occurrence for professional liabili
• $3 million — e for professional liability claims and $3 million per occurrence for general liability cl
• $250,000 — fee petition, the Company agreed to pay $250,000 in attorneys' fees and expenses to Plai
• $5,000 — on. Plaintiff's counsel intends to give $5,000 of that fee payment to Plaintiff as com

Filing Documents

• uhs-20240927.htm (8-K) — 51KB
• 0000950170-24-110165.txt ( ) — 174KB
• uhs-20240927.xsd (EX-101.SCH) — 30KB
• uhs-20240927_htm.xml (XML) — 5KB

01 Other Events

Item 8.01 Other Events. Cumberland Hospital for Children and Adolescents ("Cumberland"), an indirect subsidiary of Universal Health Services, Inc. (the "Company"), is a defendant in multi-plaintiff lawsuits filed in the Circuit Court for Richmond, Virginia (the "Cumberland Litigation"), relating to allegations of inappropriate sexual contact during medical examinations by Dr. Daniel Davidow, an independent contractor and the former medical director for Cumberland. The Company and UHS of Delaware, Inc., our administrative services subsidiary ("UHS Delaware"), were also named as co-defendants in the Cumberland Litigation. Plaintiffs have asserted claims of negligence, assault and battery (against Dr. Davidow), false imprisonment, violations of the Virginia Consumer Protection Act ("VCPA"), and vicarious liability for Dr. Davidow's conduct against Cumberland, the Company, and UHS Delaware. All defendants have denied liability. The claims asserted by three of the plaintiffs in the Cumberland Litigation were consolidated for trial in September of 2024. The Company and UHS Delaware were dismissed from the action during trial. On September 27, 2024, a jury entered a verdict finding Dr. Davidow and Cumberland liable and awarded these three plaintiffs combined compensatory damages of $60 million for all liability theories, an additional combined $180 million in trebled damages for violation of the VCPA, and an additional combined $120 million in punitive damages. Cumberland is evaluating all legal options and intends to challenge this verdict, including the amounts awarded in the verdict, in post-trial proceedings and on appeal. Based upon Virginia law, we expect that the punitive damage amount should be reduced to a combined maximum of $1.05 million as a matter of law. There are approximately 40 additional plaintiffs making similar allegations with claims pending in the Cumberland Litigation. As previously disclosed on Form 8-K on April 1, 2024, and Forms 10-Q for t

View Full Filing

View this 8-K filing on SEC EDGAR