Faruqi & Faruqi, LLP, reminds investors in Nobilis Health Corp. of the February 12, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
NEW YORK, Dec. 19, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Nobilis Health Corp. (“Nobilis” or the “Company”) (NYSE American: HLTH) of the February 12, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Nobilis stock or options between May 8, 2018 and November 15, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/HLTH. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of all those who purchased Nobilis securities between May 8, 2018 and November 15, 2018 (the “Class Period”). The case, Van ‘T Hoofd v. Nobilis Health Corp. et al, No. 18-cv-04727 was filed on December 14, 2018, and has been assigned to Judge Kenneth M. Hoyt.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose: (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 New York Stock Exchange (“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.
Specifically, on August 2, 2018, the Company reported that a new accounting standard regarding accounts receivable had impacted revenue. In its press release announcing second quarter 2018 financial results, the Company stated that revenue had decreased during the quarter by 13.5% compared to the prior corresponding period.
On this news, the Company’s stock price fell from $1.15 per share on August 1, 2018 to $0.90 per share on August 2, 2018—a $0.20 or 21.74% drop.
Then, on November 15, 2018, the Company announced that it had received notice from the NYSE that the Company is not in compliance with the NYSE’s continued listing requirements due to its failure to timely file its 10-Q.
On this news, the Company’s stock price fell from $0.55 per share on November 15, 2018 to $0.48 per share on November 16, 2018—a $0.07 or 12.73% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Nobilis’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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Company Codes: AMEX:HLTH
