According to the Complaint, Omega is purportedly 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/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.
On March 27, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. The consolidated cases shall be identified as "In re Omega Healthcare Investors, Inc. Securities Litigation." Lead Plaintiff filed a consolidated amended Complaint on May 25. Defendants filed a Motion to Dismiss the consolidated amended Complaint on July 17. On March 25, 2019, the Court issued an Order granting Defendants' Motion to Dismiss and dismissed the case with prejudice. On April 22, Lead Plaintiffs filed a notice appealing the Court's dismissal of the case.