On or around 04/05/2017 (Other)
Filing Date: November 12, 2014
According to the law firm press release, the Complaint alleges that during the Class Period defendants misrepresented and/or concealed the effect that an increase in Medicare audits had on Hanger's business, including on its reserves for bad debt and accounts receivable. On August 7, 2014, the Company announced a shocking 23% decline in its earnings per share due to the pressure it experienced from Medicare audits. On this news, the price of Hanger stock declined 25% from $29.87 per share to $22.48 per share.
On February 10, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed an amended complaint on May 1.
On April 1, 2016, the Court issued an Order granting Defendant's Motion to Dismiss. Plaintiffs were given leave to file an amended complaint. Plaintiffs filed a second amended complaint on April 20. Plaintiffs filed a third amended complaint on July 1. Defendants filed a motion to dismiss third amended complaint on September 15.
On January 26, 2017, the Court issued an Order granting Defendants' Motion to Dismiss with prejudice. Lead Plaintiffs filed a Notice appealing this decision on February 24.
Company & Securities Information
Defendant: Hanger, Inc.
Industry: Medical Equipment & Supplies
Headquarters: United States
Ticker Symbol: HGR
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
City of Pontiac General Employees' Retirement System, et al. v. Hanger, Inc., et al.