Nobilis investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, 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, the defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, the complaint alleges that the 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.
The Class Period commences after April 2, 2015, when Nobilis filed an annual report on Form 10-K with the SEC announcing the company’s financial and operating results for the quarter and year ended December 31, 2014.
According to the complaint, on October 9, 2015, Seeking Alpha published an article entitled “Nobilis: About To Fall From Nobility, Part I, 65%+ Downside” that raised a number of questions regarding Nobilis’s accounting practices. Following this news, shares of Nobilis fell $1.42, or over 27%, to close at $3.82 on October 9, 2015.
Then, on November 11, 2015, after the market closed, Nobilis announced that the company’s preliminary results for the third quarter of 2015 and the company’s final earnings release would be delayed. Following this news, shares of Nobilis fell $0.65, or over 18%, to close at $2.95 on November 12, 2015.
Finally, on January 5, 2016, 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, before the market opened, Nobilis announced that Christopher J. Lloyd (“Lloyd”) had resigned as the company’s Chief Executive Officer. Following this news, Nobilis stock fell $0.63, or more than 20%, to close at $2.47 on January 7, 2016.
If you are a member of the class described above, you may no later than March 21, 2016, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706