Cases
Omega Healthcare Investors, Inc. (NYSE: OHI)
Securities Class Action
Overview
Overview
- Date:
- 11/17/2017
- Company Name:
- Omega Healthcare Investors, Inc.
- Stock Symbol:
- OHI
- Class Period:
- FROM 2/8/2017 TO 10/31/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, November 17, 2017 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Omega Healthcare Investors, Inc. (NYSE: OHI) securities between February 8, 2017 and October 31, 2017 (the “Class Period”). Investors have until January 16, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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.
If you purchased or otherwise acquired Omega securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, 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) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
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.
If you purchased or otherwise acquired Omega securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, 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) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.