Robbins Arroyo LLP: Nobilis Health Corp. (HLTH) Misled Shareholders According to Class Action
SAN DIEGO & HOUSTON--(BUSINESS WIRE)--Dec 19, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Nobilis Health Corp. (NYSE: HLTH) filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 8, 2018 and November 15, 2018. Nobilis Health Corp. owns and manages specialty surgical hospitals, ambulatory surgery centers, and multispecialty clinics.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/nobilis-health-corp-dec-18/
Nobilis Health Accused of Overstating Revenue
According to the complaint, Nobilis Health failed to disclose that its accounts receivable and revenue were overstated and need re-evaluation and adjustment. On August 2, 2018, the truth began to emerge when Nobilis Health reported that a new accounting standard regarding account receivable had impacted revenue. On this news, Nobilis Health’s share price fell $0.20, or 17.39%, to $0.95. On November 9, 2018, Nobilis filed a Form 12b-25, stating that it was unable to timely file its quarterly report. On this news, Nobilis Health’s share price fell $0.18, more than 25%, to $0.52. Then, on November 12, 2018, Nobilis Health announced it was not in compliance with the NYSE’s listing requirements. The company’s stock fell to just $0.48 as a result, and now trades at under $0.25.
Nobilis Health Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181219005878/en/
CONTACT: Leonid Kandinov
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: CALIFORNIA TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Robbins Arroyo LLP
Copyright Business Wire 2018.
PUB: 12/19/2018 06:02 PM/DISC: 12/19/2018 06:02 PM