SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of investors who purchased or otherwise acquired the securities of Nobilis Health Corp. (“Nobilis” or the “Company”) (NYSE: HLTH) between April 2, 2015 and October 8, 2015, inclusive (the “Class Period”).
If you purchased or otherwise acquired the securities of Nobilis during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 21, 2015. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Nobilis investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Nobilis Securities Class Litigation
The action charges Nobilis and certain of its senior executives with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Nobilis, together with its subsidiaries, acquires and manages ambulatory surgical centers and healthcare facilities in the United States.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and failed to disclose that: (i) Nobilis’s AccuraScope procedure, a purportedly minimally invasive spine surgery, lacked recognition from any university, medical body, or insurance company; (ii) the Company had overstated its 2014 revenues by as much as $36 million; and (iii) consequently, the Company had misrepresented its 2014 revenue growth rate as 161%, when it was actually only 44%.
On October 9, 2015, Seeking Alpha published an article describing the AccuraScope procedure’s “questionable insurability, unsubstantiated success rates, [and] lack of recognition from” universities, medical bodies, and insurance companies. The article additionally noted significant accounting red flags at Nobilis and reported that Nobilis had overstated its 2014 revenues by as much as $36 million. On this news, the price of Nobilis common stock fell $1.42 per share, or 27% from its closing price of $5.24 on October 8, 2015 to close at $3.82 per share on October 9, 2015, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for twelve years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms, including in 2015.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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