Glancy Prongay & Murray LLP Files a Securities Class Action on Behalf of Nobilis Health Corp. Investors
LOS ANGELES--(BUSINESS WIRE)--Dec 14, 2018--National law firm Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of Texas, captioned Van’T Hoofd v. Nobilis Heath Corp. et. al., (4:18-cv-04727) on behalf of persons and/or entities that acquired Nobilis Health Corp. (“Nobilis” or the “Company”) (NYSE American: HLTH ) securities between May 8, 2018 and November 15, 2018, inclusive (the “Class Period”). Plaintiff pursues claims under the Securities Exchange Act of 1934.
Nobilis investors are hereby notified that they have 60 daysfrom the date of this notice to move the Court to serve as lead plaintiff in this action. Note only investors that purchased on a United States Exchange are eligible to participate.
If you are a shareholder who suffered a loss, click here to participate.
On November 9, 2018, Nobilis announced that it is “re-evaluating the Net Realizable Value on its Accounts Receivable and intends to make a significant adjustment to the carrying value of accounts receivable, primarily on out of network claims greater than 365 days old.” The Company filed for additional time to file its 10-Q for the period ended September 30, 2018 while the Company and the auditor completed their review of the financial statements. On this news, Nobilis’s share price fell $0.18 per share, or over 25%, to close at $0.52 per share on November 12, 2018, on unusually heavy trading volume, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company’s accounts receivable was overstated; (2) that, as a result, the Company’s revenue was overstated; (3) that, as a result of the required adjustments, the Company’s quarterly report would not be timely filed; (4) that, as a result, the Company would not be in compliance with NYSE listing requirements; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased Nobilis securities during the Class Period, you may move the Court no later than 60 daysfrom the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181214005562/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2018.
PUB: 12/14/2018 06:14 PM/DISC: 12/14/2018 06:15 PM