Cases
Omega Healthcare Investors, Inc. (OHI)
Securities Class Action
Overview
Overview
- Date:
- 10/26/2018
- Company Name:
- Omega Healthcare Investors, Inc.
- Stock Symbol:
- OHI
- Status:
- Closed/Complete
NEW YORK, October 26, 2018 – Bragar Eagel & Squire, P.C. reminds investors that a shareholder lawsuit has been filed against Omega Healthcare Investor, Inc. (NYSE: OHI) officers and directors for alleged breaches of fiduciary duty, abuse of control, gross mismanagement, and violations of the Securities Exchange Act of 1934.
According to the complaint, Omega’s second largest operator, Orianna Health Systems, represented 7% of Omega’s overall investment portfolio, with a gross investment of over $619 million. In 2016 and early 2017, Orianna experienced operational pressures that dramatically affected its profitability and prevented it from paying rent to Omega. Although Orianna was delinquent on rent payments in addition to its own real estate taxes, Omega told investors that Orianna was on the road to recovery and lent Orianna money to pay its rent delinquencies to Omega. The truth was finally revealed when Omega recorded a $194.7 million impairment on its direct financing leases with Orianna, and $9.5 million in provision for uncollectible accounts related to Orianna.
If you are a stockholder of Omega, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 308-1869, or by filling out the contact form below. There is no cost or obligation to you.
According to the complaint, Omega’s second largest operator, Orianna Health Systems, represented 7% of Omega’s overall investment portfolio, with a gross investment of over $619 million. In 2016 and early 2017, Orianna experienced operational pressures that dramatically affected its profitability and prevented it from paying rent to Omega. Although Orianna was delinquent on rent payments in addition to its own real estate taxes, Omega told investors that Orianna was on the road to recovery and lent Orianna money to pay its rent delinquencies to Omega. The truth was finally revealed when Omega recorded a $194.7 million impairment on its direct financing leases with Orianna, and $9.5 million in provision for uncollectible accounts related to Orianna.
If you are a stockholder of Omega, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 308-1869, or by filling out the contact form below. There is no cost or obligation to you.