NEW YORK--(BUSINESS WIRE)--
Pomerantz LLP announces that a class action lawsuit has been filed against Omega Healthcare Investors, Inc. (“Omega” or the “Company”) (NYSE:OHI) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and docketed under 17-cv-09024, is on behalf of a class consisting of investors who purchased or otherwise acquired Omega securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Omega securities between February 8, 2017, and October 31, 2017, both dates inclusive, you have until January 16, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and amount of shares purchased.
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Omega is a self-administered real estate investment trust (“REIT”) that invests in income producing healthcare facilities, including long-term care facilities located in the United States and the United Kingdom.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) financial and operating results of certain of the Company’s operators were deteriorating; (ii) 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; (iii) as a result, certain of the Company’s direct financing leases were impaired and certain receivables were uncollectible; and (iv) 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.
On July 26, 2017, after the market closed, the Company issued a press release entitled “Omega Announces Second Quarter 2017 Financial Results; Increased Dividend Rate for 20th Consecutive Quarter.”
On the next day, July 27, 2017, the Company held a conference call to discuss its second quarter results. On this news, the Company’s stock price fell $1.35 per share, or 4%, to close at $32.10 per share on July 27, 2017, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
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