SAN DIEGO & ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a purchaser of NMC Health Plc (OTC: NMHLY) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between March 13, 2016 and March 10, 2020. NMC provides healthcare services in the United Arab Emirates, the United Kingdom, Spain, and internationally.
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NMC Health Plc (NMHLY) Accused of Misleading Shareholders
According to the complaint, from March 13, 2016 to March 6, 2019, NMC issued its annual reports for 2015, 2016, 2017, and 2018, each time affirming the Company's "conservative approach in risk taking" and its implementation of "controls and mitigation strategies in order to reduce those risks," and touting NMC's internal controls. However, on December 17, 2019, Muddy Waters Capital LLC published a report revealing that NMC had failed to disclose: (i) its lack of internal controls; (ii) (de facto) related party transactions; (iii) its true debt burden; (iv) its true cash-on-hand and asset values; and (v) its use of reverse factoring. Finally, on March 10, 2020, Financial Times and Bloomberg published articles entitled "NMC Health Discovers Almost $3 billion of Debt Hidden from is Board" and "Abu Dhabi Insurer Steps In to Help NMC Health Pay Salaries," respectively. As a result of all of these disclosures, NMC Health currently trades at around $2, representing a staggering 96% decline from its class period high of $53.03.
NMC Health Plc (NMHLY) Shareholders Have Legal Options
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