On or around 01/26/2017 (Court's order of dismissal)
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. On April 10, 2019, the Court of Appeals affirmed the District Court's Dismissal Order.
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