The Shareholders Foundation announces that an investor, who purchased shares of Hanger Inc (NYSE:HGR), filed a lawsuit in the U.S. District Court for the Western District of Texas over alleged violations of Federal Securities Laws by Hanger Inc in connection with certain allegedly false and misleading statements made between August 1, 2013 and August 7, 2014.
Investors who purchased shares of Hanger Inc (NYSE:HGR) have certain options and for certain investors are short and strict deadlines running. Deadline: January 12, 2015. NYSE:HGR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Hanger Inc (NYSE:HGR) common shares between August 1, 2013 and August 7, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between August 1, 2013 and August 7, 2014 defendants misrepresented and/or concealed the effect that an increase in Medicare audits had on Hanger Inc’s business, including on its reserves for bad debt and accounts receivable.
Hanger Inc reported that its annual Total Revenue rose from $808.77 million in 2010 to $974.43 million in 2012 and that its respective Net Income increased from $20.90 million to $63.69 million in 2012. Shares of Hanger Inc (NYSE:HGR) grew from $14.58 per share in late 2011 to as high as $40.47 per share on January 22, 2014.
Then on January 30, 2014, Hanger Inc announced its preliminary results for its fiscal year 2013. Hanger Inc said that the lower than anticipated earnings in the fourth quarter of 2013 were principally the result of operational issues isolated to a small non-clinic unit within the Patient Care segment. The CEO of Hanger Inc said that they are disappointed that operating problems at this unit impacted our fourth quarter results”. Shares of Hanger Inc (NYSE:HGR) dropped from over $40 per share in January 2014 to as low as $32.62 per share on February 3, 2014.
On March 24, 2014, Hanger Inc provided an update on the status of the filing of its annual report. Hanger Inc announced that it continues to work to file its Form 10-K for the year ended December 31, 2013 as soon as possible. Shares of Hanger Inc (NYSE:HGR) declined to $32.25 per share on March 26, 2014.
On May 5, 2014, Hanger Inc reported its first quarter 2014 results. Hanger Inc announced that its first quarter Revenue rose from $229.35 million in 2013 to $235.6 million in 2014 while its second quarter Net Income declined from $9.62 million in 2013 to $6.73 million in 2014. Shares of Hanger Inc (NYSE:HGR) declined to as low as $29.01 per saahre on May 15, 2014.
Then on August 7, 2014, Hanger Inc reported its second quarter 2014 financial results. Among other things, Hanger Inc announced that while its second quarter Revenue rose from $267.79 million in 2013 to $275.85 million in 2014, its second quarter Net Income declined from $18.51 million in 2013 to $14.2 million in 2014.
Hanger Inc said that the increase in accounts receivable included the impact of increased Medicare audits, which caused the Company’s Medicare receivables over 120 days old to increase by $14.0 million year-over–year. Hanger Inc also announced that it is revising its outlook for the year. Hanger Inc (NYSE:HGR) declined to as low as $20.68 per share on August 19, 2014.
On November 6, 2014, Hanger Inc announced that it is rescheduling its third quarter 2014 earnings release and conference call. Hanger Inc said it expected the call to occur in the week of November 10, 2014. Shares of Hanger Inc declined to $19.59 per share on November 7, 2014.
Then on Nov. 12, 2014 Hanger Inc announced that it plans to release financial information for the quarter ended September 30, 2014, on Monday, November 17, 2014 before the market opens and that a conference call is scheduled immediately following the release. Shares of Hanger Inc declined to as low as $19.61 per share on November 12, 2014, respectively $18.25 per share on November 17, 2014.
On December 1, 2014, NYSE:HGR shares closed at $20.80 per share.
Those who purchased shares of Hanger Inc (NYSE:HGR) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com