Prongay & Murray LLP (“GPM”) reminds investors of the January
16, 2018 deadline to file a lead plaintiff motion in the class
action filed on behalf of investors that purchased Omega Healthcare
Investors, Inc. (“Omega” or the “Company”) (NYSE: OHI)
securities between February 8, 2017, and October 31, 2017,
inclusive (the “Class Period”) Omega investors have until January
16, 2018 to file a lead plaintiff motion. To obtain information,
please visit the Omega page on our website at www.glancylaw.com/case/omega-healthcare-investors-inc.
Investors suffering losses on their Omega investments are encouraged to
contact Lesley Portnoy of GPM to discuss their legal rights in this
class action at 310-201-9150 or by email to firstname.lastname@example.org.
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
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.
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If you purchased shares of Omega during the Class Period you may move
the Court no later than January 16, 2018 to ask the Court to
appoint you as lead. To be a member of the Class you need not take any
action at this time; you may retain counsel of your choice or take no
action and remain an absent member of the Class. If you wish to learn
more about this action, or if you have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Lesley
Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los
Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to email@example.com,
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180112005727/en/