Pomerantz Law Firm Announces the Filing of a Class Action Against Nobilis Health Corp. and Certain Officers – HLTH

NEW YORK, Jan. 19, 2016 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Nobilis Health Corp. (“Nobilis” or the “Company”) (NYSE:HLTH) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, and docketed under 15-cv-00141, is on behalf of a class consisting of all persons or entities who purchased Nobilis securities between April 2, 2015 and January 6, 2016 inclusive (the “Class Period”).  This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Nobilis securities during the Class Period, you have until March 21, 2016 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

Nobilis, together with its subsidiaries, acquires and manages ambulatory surgical centers (ASCs) and healthcare facilities in the United States.  Its ASCs are licensed ambulatory surgery centers that provide scheduled surgical procedures in clinical specialties, including orthopedic surgery, podiatric surgery, ENT, pain management, gastro-intestinal, gynecology, and general surgery.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.  Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Nobilis’s financial statements contained numerous errors concerning the Company’s classification of warrants and options, business combination accounting, share-based compensation, and other financial and operating results; (ii) Nobilis had overstated its net income for the year ended December 31, 2014 by more than $4 million; (iii) Nobilis had overstated its net income for the quarter ended March 31, 2015 by more than $3.27 million; and (iv) as a result of the foregoing, Nobilis’s public statements were materially false and misleading at all relevant times. 

On September 2, 2015, Calvetti Ferguson P.C. (“Calvetti Ferguson”) tendered its resignation as Nobilis’s auditor, effective as of August 14, 2015.  Concurrently, the Company’s Audit Committee and Board of Directors respectively recommended and approved Nobilis’s engagement of Crowe Horwath LLP (“Crowe Horwath”) as the Company’s new auditor.

On October 9, 2015, Seeking Alpha published an article entitled “Nobilis: About To Fall From Nobility, Part I, 65%+ Downside” (the “October Seeking Alpha Report”).  The October Seeking Alpha Report 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. 

On January 7, 2016, pre-market, Nobilis announced that defendant Christopher J. Lloyd (“Lloyd”) had resigned as the Company’s Chief Executive Officer (“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 Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]