NEW YORK, April 12, 2020 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against NMC Health Plc ("NMC" or the "Company") (OTC Pink: NMHLY ) and certain of its officers (collectively, the "Defendants"). The class action, filed in United States District Court for the Central District of California, and indexed under 20-cv-02895, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired publicly traded NMC securities between March 13, 2016, and March 10, 2020, inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased NMC securities during the class period, you have until May 11, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
NMC, together with its subsidiaries, purports to provide healthcare services in the United Arab Emirates, the United Kingdom, Spain, and internationally. The Company purports to own and manage approximately 200 healthcare facilities, including hospitals, medical centers, long term care facilities, day surgery centers, fertility clinics, and home health services providers. The Company purports to offer medical services as well as research and medical services in the field of gynecology, obstetrics, and human reproduction; and management services to hospitals, as well as retail pharmaceutical goods.
The complaint alleges that throughout the Class Period, NMC and its top officers made false and/or misleading statements and/or failed to disclose that: (i) NMC lacked effective internal controls and risk management; (ii) NMC engaged in undisclosed and extensive related party and de facto related party transactions; (iii) NMC's debts were significantly understated and obfuscated; (iv) NMC's cash-on-hand figures were overstated; (v) NMC's principal shareholders were not accurately reporting or accounting their interests or stakes in the Company; (vi) NMC did not review or know their principal shareholders interests or stakes in the Company; (vii) consequently, the Company was not enforcing its Relationship Agreement with the principal shareholders; and (viii) as a result, Defendants' statements about NMC's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP