WAYNE, Pa., Nov. 14, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Western District of Texas on behalf of investors who purchased or otherwise acquired the securities of Hanger, Inc. ("Hanger" or the "Company") (NYSE: HGR) during the period from August 1, 2013 through August 7, 2014, inclusive (the "Class Period").
Hanger shareholders may, no later than January 12, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Hanger and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/hgr.
On August 5, 2014, after the close of the market, the Company announced that it was delaying the release of its second quarter fiscal year 2014 earnings. On August 7, 2014, the Company reported that earnings per share had plummeted 23.1% from $0.52 per share to $0.40 per share from the same quarter in 2013, and that its estimate of earnings per share for fiscal year 2014 had dropped from $2.01 to $2.11 to $1.60 to $1.70. The Company attributed this sharp decline to the severe pressure placed on the Company due to the increase in Recovery Audit Contractor ("RAC") audits of its reimbursement claims. The Company further announced that the Company's accounts receivable over 120 days had dramatically increased by $14 million year over-year due to the impact of increased RAC audits; that the Company's operating costs had increased $8 million for the year, $4.2 million of which was attributable to an increase in bad debt; and that the Company's same-stores sales growth had contracted by 1.5%, similarly attributable to a slow-down in authorization and payments.
On this news, shares of Hanger fell $7.39 per share, or more than 24.74%, to $22.48 per share on intraday trading on August 8, 2014.
If you are a member of the class, you may, no later than January 12, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP