NightHawk Radiology Holdings Inc (NASDAQ: NHWK) 12/17/2009

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Company Name(s): 
NightHawk Radiology Holdings
Case Name: 
NightHawk Radiology Holdings Shareholder Class Action Lawsuit 12/17/2009
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: NHWK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/17/2009
Class Period Begin: 
05/02/2007
Class Period End: 
05/07/2008
Court of Filing: 
U.S. District Court for the District of Idaho
Deadline To File for Lead: 
02/15/2010
Date Settled: 
03/13/2013
Settlement Amount: 
$650,000
Deadline to Participate in Settlement: 
02/28/2013
Summary: 

March 13, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

November 2, 2012 - The court preliminarily approved the settlement.

October 25, 2012 - Parties filed a stipulation of settlement.

October 11, 2012 - The court granted the lead plaintiff's motion to vacate the order.

June 1, 2012 - The lead plaintiff filed a motion to vacation the September 30, 2011 order.

September 30, 2011 - The court granted the defendants' motion to dismiss without prejudice.

January 28, 2011 - The defendants filed a motion to dismiss.

December 16, 2010 - The court denied the movant's objection.

July 13, 2010 - The lead plaintiff filed an amended complaint on behalf of purchasers of NightHawk Radiology Holdings Inc (NASDAQ: NHWK) common shares between May 2, 2007 and May 7, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 2, 2007 and May 7, 2008.

May 13, 2010 - A movant filed an objection to the lead plaintiff and counsel order.

April 29, 2010 - The lead plaintiff and lead counsel were appointed.

February 16, 2010 - Lead plaintiff motions were filed.

December 17, 2009 - An investor in NightHawk Radiology Holdings Inc (NASDAQ: NHWK) filed a lawsuit in in the U.S. District Court for the District of Idaho against NightHawk Radiology Holdings Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that NightHawk Radiology Holdings Inc and certain of its officers and executives violated Securities Exchange Act of 1934 by failing to disclose between April 10, 2007 and February 13, 2008, material adverse facts about its true financial condition, business and prospects. Then on February 13, 2008, NightHawk Radiology Holdings Inc announced its financial results for the fourth quarter and year end of 2007, the period ended December 31, 2007 and in response to its announcement, the price of NightHawk Radiology Holdings Inc stock (NASDAQ: NHWK) fell $1.61 per share, or 11%, to close at $12.54 per share, on February 14, 2008, so the lawsuit.

NightHawk Radiology Holdings Inc located in Coeur d' Alene, ID, provides radiology solutions to radiology groups and hospitals throughout the United States. NightHawk Radiology Holdings Inc suite of solutions, including professional services, business services, and its workflow technology. NightHawk Radiology Holdings Inc’s team of United States board-certified, state-licensed and hospital-privileged physicians located in the United States and around the world provide services around the clock includes seven days a week, for approximately 780 customers. NightHawk Radiology Holdings Inc reported in 2007 Total Revenue of $151.66 million with a Net Income of $14.69 million and in 2008 Total Revenue of $167.61million with a Net Income of $9.44million. Shares of NightHawk Radiology Holdings Inc (NASDAQ: NHWK) recently traded at $.428 per share, down from its 52 week high of $7.75 per share, $9.30 per share in September 08, $20.05 per share in January 08, and over $26 per share in 2007.