NEW YORK, Nov. 06, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Nobilis Health Corp. (“Nobilis” or the “Company”) (NYSE: HLTH ) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, and docketed under 15-cv-03098, is on behalf of a class consisting of all persons or entities who purchased Nobilis securities between April 2, 2015 and October 8, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Nobilis securities during the Class Period, you have until December 21, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. Nobilis, together with its subsidiaries, acquires and manages ambulatory surgical centers (ASCs) and healthcare facilities in the United States. Its ASCs are licensed ambulatory surgery centers that provide scheduled surgical procedures in clinical specialties, including orthopedic surgery, podiatric surgery, ENT, pain management, gastro-intestinal, gynecology, and general surgery. As of March 18, 2015, the Company owned and managed 10 healthcare facilities in Texas and Arizona; a surgical hospital in Houston; six ambulatory surgery centers; two MRI centers; and an urgent care center.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company claimed success rates for its AccuraScope procedure which lacked recognition from any university, medical body, or insurance company; (ii) the Company had overstated its 2014 revenues by as much as $36 million; (iii) consequently, the Company had misrepresented its 2014 revenue growth rate as 161%, when it was actually only 44%; and (iv) as a result of the foregoing, Nobilis’s public statements were materially false and misleading at all relevant times.
On October 9, 2015, Seeking Alpha published an article entitled “Nobilis: About To Fall From Nobility, Part I, 65%+ Downside” (the “ Seeking Alpha Report”). The Seeking Alpha Report described, among other issues, the AccuraScope procedure’s “questionable insurability, unsubstantiated success rates, [and] lack of recognition from” universities, medical bodies, or insurance companies. In addition, the Seeking Alpha Report noted significant accounting red flags, and reported that the Company had overstated its 2014 revenues by as much as $36 million.
As a result of this news, shares of Nobilis fell $1.42, or over 27%, to close at $3.82 on October 9, 2015. The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
