SAN DIEGO, Dec. 17, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Hanger Inc (HGR) over alleged Federal Securities Laws Violations by Hanger Inc.
Investors who purchased a significant amount of shares of Hanger Inc (NYSE:HGR) between August 1, 2013 and August 7, 2014, and / or those who purchased any (NYSE:HGR) shares prior to August 2013 and continue to hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: January 12, 2015. (NYSE:HGR) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that between August 1, 2013 and August 7, 2014 defendants allegedly misrepresented and/or concealed the effect that an increase in Medicare audits had on Hanger Inc's business, including on its reserves for bad debt and accounts receivable.
On August 7, 2014, Hanger Inc reported its second quarter 2014 financial results. Among other things, Hanger Inc said that the increase in accounts receivable included the impact of increased Medicare audits, which caused the Company's Medicare receivables over 120 days old to increase by $14.0 million year-over–year. Hanger Inc also announced that it is revising its outlook for the year.
On November 6, 2014, Hanger Inc announced that it is rescheduling its third quarter 2014 earnings release and conference call. Hanger Inc said it expected the call to occur in the week of November 10, 2014. On November 12, 2014 Hanger Inc announced that it planned to release financial information for the quarter ended September 30, 2014, on November 17, 2014 before the market opens and that a conference call is scheduled immediately following the release. Then on November 16, 2014, Hanger Inc announced today that it is postponing the release of its third quarter 2014 financial results and is cancelling its previously scheduled earnings conference call to allow additional time for the completion and review of its third quarter financial statements.
Shares of Hanger Inc (HGR) declined from over $40 per share in early 2014 to as low as $18.25 per share on November 17, 2014.
Those who purchased shares of Hanger Inc (NYSE:HGR) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.