Subject: ATY
SHAREHOLDER ALERT - Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action Against Omega Healthcare Investors, Inc. (OHI) and Lead Plaintiff Deadline: January 16, 2018
NEW YORK, Nov. 17, 2017 /PRNewswire/ -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Omega Healthcare Investors, Inc. ("Omega" or the "Company") (NYSE: OHI) and certain of its officers, on behalf of a class who purchased Omega securities between February 8, 2017, and October 31, 2017, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/ohi.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
On October 31, 2017, Omega held a conference call discussing its third quarter results. On the call, Daniel J. Booth, Omega's COO, said that Omega was facing "operator performance issues," and problems with Signature Healthcare, one of its top ten operators. Robert Stephenson, Omega's CFO, also said that operating revenue for the quarter was roughly $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" that caused Omega to record no Orianna revenue for the quarter. Stephenson continued to say that the Company reduced its 2017 adjusted funds from operations guidance because of "the temporary loss of Orianna revenue for both the third and fourth quarters" and the fact that Omega placed another operator, Daybreak, on a cash basis effective September 1st. Following this news, Omega stock dropped $2.11 per share, or 6.8%, to close at $28.86 on November October 31, 2017.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose that: (1) that financial and operating results of certain of Omega's operators were deteriorating; (2) that, consequently, 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 above-mentioned, Defendants' statements about Omega's business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/ohi or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Omega you have until January 16, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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