Nutex Health (NUTX) Securities Suit Alleges Fraud and Financial Misstatements-- Hagens Berman

NUTX Investors with Losses Encouraged to Contact Hagens Berman

SAN FRANCISCO, Sept. 4, 2025 /PRNewswire/ -- A new class-action lawsuit alleges that Nutex Health, Inc. (NASDAQ: NUTX), a hospital and healthcare services company, engaged in a fraudulent scheme with a third-party billing firm to inflate its revenues, leading to millions of dollars in losses for investors. The complaint follows a scathing short-seller report that triggered a sharp decline in the company's stock price and raised questions about its financial disclosures.

Hagens Berman urges Nutex investors who suffered substantial losses to submit your losses now.

Class Period: Aug. 8, 2024 – Aug. 14, 2025
Lead Plaintiff Deadline: Oct. 21, 2025
Visit: www.hbsslaw.com/investor-fraud/nutx
Contact the Firm Now: [email protected]
                                       844-916-0895

Nutex Securities Class Action

The suit claims that Nutex and its partner, HaloMD, used a coordinated scheme to defraud insurance companies by submitting massive volumes of ineligible claims and falsely attesting to their legitimacy. According to the complaint, this activity, which funneled lucrative arbitration results to Nutex, was a key driver of the company's reported revenues. The lawsuit asserts these revenues were unsustainable and ultimately misleading to investors.

The Blue Orca Bombshell

The allegations first surfaced on July 22, 2025, in a report from activist short-seller Blue Orca Capital. The report claimed that HaloMD's success was due to "a coordinated fraudulent scheme to steal millions of dollars from insurance companies." Blue Orca referenced three recent lawsuits filed against HaloMD by various Anthem and Blue Cross Blue Shield entities, which accused the billing firm of "flooding the arbitration system with thousands of claims that they knew...to be ineligible."

Blue Orca's report concluded that it was "only a matter of time before another suit is filed against HaloMD, this time including Nutex." The short-seller warned that without the "unsustainably high reimbursement rates" from the arbitration system, Nutex's stock would likely "return to penny stock status." Following the report, Nutex's shares fell more than 10%.

Financial Reporting Turmoil

Beyond the arbitration claims, the complaint alleges that Nutex overstated the progress it had made in remediating material weaknesses in its internal controls over financial reporting. As a result, the company allegedly improperly accounted for certain stock-based compensation obligations, calculating them as equity rather than liabilities.

This accounting issue came to a head when the company's initial response to the Blue Orca allegations was followed by a delay in its financial filing. On July 24, Nutex issued a press release stating it "strongly disagrees with the allegations" and expected to provide an update in its upcoming quarterly report. However, on August 14, 2025, after the market closed, Nutex announced it would delay filing its Form 10-Q, citing "non-cash accounting adjustments related to the treatment of stock-based compensation obligations."

The failure to file the 10-Q and rebut the short-seller's claims sent the stock spiraling again. On August 15, Nutex shares fell 16.39%, dropping $18.22 to close at $92.91 per share.

Admission and Restatement

The controversy culminated on August 21, 2025, when Nutex filed a Form 8-K. In the filing, the company's Audit Committee concluded that certain prior financial statements "should be restated" because the "non-cash obligations related to under-construction and ramping hospitals" were improperly "treated as equity rather than liabilities."

While the company's 8-K also offered a generalized description of its arbitration process, the lawsuit asserts that Nutex "did not in fact meaningfully rebut any of the allegations contained in the Blue Orca Report," having only noted it was not named as a defendant in the lawsuits against HaloMD.

Relief Sought

The class action seeks to recover damages for investors who purchased Nutex securities during the class period, alleging the defendants' public statements were materially false and misleading, ultimately resulting in significant losses when the alleged truth about the company's business and financial prospects emerged.

Hagens Berman's Investigation

Hagens Berman is investigating the allegations. Reed Kathrein, a partner at Hagens Berman, stated, "We are investigating whether Nutex's publicly stated business model was built on a foundation of allegedly fraudulent arbitration practices and whether its financial controls were so deficient as to mislead investors." 

If you invested in Nutex and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »

If you'd like more information and answers to frequently asked questions about the Nutex case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding Nutex should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

SOURCE Hagens Berman Sobol Shapiro LLP