STEVENSON, Md., March 14, 2017 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of NantHealth, Inc. (Nasdaq: NH ) (“NantHealth” or the “Company”) securities pursuant or traceable to the Company’s initial public offering on June 1, 2016 (the “IPO”) or between June 1, 2016 and March 6, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until May 8, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in NantHealth securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the Company’s initial public offering on June 1, 2016 and during the Class Period that the Chief Executive Officer (“CEO”) had donated funds through nonprofit organizations to the University of Utah for the purpose of funneling those funds back into NantHealth, in the violation of federal tax laws, that the Company improperly recorded orders received from the University of Utah as GPS Cancer test orders, and the Company reported false and inflated GPS Cancer order figures for the third quarter of 2016.
According to the complaint, following a March 6, 2017 article alleging NantHealth’s Chief Executive Officer’s donation to the University of Utah required the university to spend $10 million on work performed by NantHealth, an arrangement which enabled NantHealth to inflate by more than 50 percent the number of test orders it reported to investors in 2016, the value of NantHealth shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in NantHealth securities purchased on or after June 1, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
