SAN FRANCISCO, Feb. 08, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds investors in Nobilis Health Corp. (NYSEMKT:HLTH) that there is a March 21, 2016 lead plaintiff deadline in the lawsuit related to operational and compliance policies at the Company.
If you suffered losses because of your purchases of Nobilis securities between April 2, 2015 and January 6, 2016, or have information that will help our investigation, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing HLTH@hbsslaw.com or visiting https://www.hbsslaw.com/cases/HLTH. The lawsuit was filed in the U.S. District Court for the Southern District of Texas and investors have until March 21, 2016 to move the Court to participate as a lead plaintiff.
Nobilis acquires and manages ambulatory surgical centers and other healthcare facilities in the United States. During the last several months, Nobilis’ share price has tumbled as information has been revealed about the Company’s possible violations of the securities laws. In September 2015, the Nobilis’ auditor resigned, and a new auditor was appointed. On October 9, 2015, Seeking Alpha published an article that raised a number of questions regarding Nobilis’ accounting practices. As a result of this news, shares of Nobilis fell $1.42, or over 27%, to close at $3.82 on October 9, 2015.
On November 11, 2015, post-market, Nobilis announced that the Company’s preliminary results for the third quarter of 2015 and the Company’s final earnings release would be delayed. As a result of this news, shares of Nobilis fell $0.65, or over 18%, to close at $2.95 on November 12, 2015.
On January 5, 2016, post-market, Nobilis confirmed what the Company had strongly implied by failing to announce its quarterly earnings in November 2015. In a current report filed on Form 8-K with the SEC, Nobilis disclosed that its financial statements for the fiscal year ended December 31, 2014, the quarters ended March 31, 2015 and June 30, 2015 and the financial statements in its updated S-1 registration statement filed with the SEC on October 23, 2015 can no longer be relied upon. Then, on January 7, 2016, pre-market, Nobilis announced that defendant Christopher J. Lloyd resigned as the Company’s CEO. As a result of this news, Nobilis stock fell $0.63, or more than 20%, to close at $2.47 on January 7, 2016. The share price continues to fall, and is currently trading below $2.40 per share.
The complaint alleges that by failing to disclose the errors in the financial statements that caused the reporting delays, such as errors in classification of warrants and options, business compensation accounting, and share-based compensation, Nobilis misled investors. The Company also allegedly violated securities laws by overstating its net income for the quarter ended March 31, 2015 by more than $3.27 million.
Whistleblowers: Persons with non-public information regarding Nobilis should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email HLTH@hbsslaw.com.
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