According to the law firm press release, Nobilis, together with its subsidiaries, acquires and manages ambulatory surgical centers (ASCs) and healthcare facilities in the United States. Its ASCs are licensed ambulatory surgery centers that provide scheduled surgical procedures in clinical specialties, including orthopedic surgery, podiatric surgery, ENT, pain management, gastro-intestinal, gynecology, and general surgery. As of March 18, 2015, the Company owned and managed 10 healthcare facilities in Texas and Arizona; a surgical hospital in Houston; six ambulatory surgery centers; two MRI centers; and an urgent care center.
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) the Company claimed success rates for its AccuraScope procedure which lacked recognition from any university, medical body, or insurance company; (ii) the Company had overstated its 2014 revenues by as much as $36 million; (iii) consequently, the Company had misrepresented its 2014 revenue growth rate as 161%, when it was actually only 44%; and (iv) as a result of the foregoing, Nobilis’s public statements were materially false and misleading at all relevant times.
This case was voluntarily dismissed on December 8, 2015.