LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the January 16, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Omega Healthcare Investors, Inc. (“Omega” or the “Company”) (NYSE: OHI) securities between February 8, 2017, and October 31, 2017, inclusive (the “Class Period”) Omega investors have until January 16, 2018 to file a lead plaintiff motion. To obtain information, please visit the Omega page on our website at www.glancylaw.com/case/omega-healthcare-investors-inc.
Investors suffering losses on their Omega investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
On October 31, 2017, the Company held a conference call to discuss its third quarter results. On the call, Daniel J. Booth, the Company’s COO, stated that Omega was experiencing “operator performance issues,” including issues with Signature Healthcare, one of the Company’s top ten operators. On the same call, Robert Stephenson, the Company’s CFO, stated that operating revenue for the quarter was approximately $220 million, compared to $225 million for the third quarter of 2016, and that “[t]he decrease was primarily a result of placing Orianna on a cash basis” which caused the Company to record no Orianna revenue for the quarter. Stephenson also stated that the Company lowered its 2017 adjusted funds from operations guidance due, in part, to “the temporary loss of Orianna revenue for both the third and fourth quarters” and the fact that the Company placed another operator, Daybreak, on a cash basis effective September 1st.
On this news, the Company’s stock price fell $2.11 per share, or 6.8%, to close at $28.86 per share on November October 31, 2017, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that financial and operating results of certain of the Company’s operators were deteriorating; (2) that, as a result, certain of the Company’s operators were experiencing worsening liquidity issues that were significantly impacting the operators’ ability to make timely rent payments; (3) that, as a result, certain of the Company’s direct financing leases were impaired and certain receivables were uncollectible; and (4) that, as a result of the foregoing, Defendants’ statements about Omega’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
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If you purchased shares of Omega during the Class Period you may move the Court no later than January 16, 2018 to ask the Court to appoint you as lead. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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