Omega Healthcare Investors Inc (NYSE:OHI) Investor Securities Class Action Lawsuit 11/16/2017

If you purchased a significant amount of shares of Omega Healthcare Investors Inc (NYSE:OHI) between February 8, 2017, and October 31, 2017, and / or if you purchased any NYSE:OHI shares prior to February 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: January 15, 2017. NYSE:OHI investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Omega Healthcare Investors
Case Name: 
Omega Healthcare Investors Shareholder Class Action Lawsuit 11/16/2017
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: OHI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/16/2017
Class Period Begin: 
02/08/2017
Class Period End: 
10/31/2017
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
01/15/2018
Summary: 

An investor in shares of Omega Healthcare Investors Inc (NYSE:OHI) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Omega Healthcare Investors Inc in connection with certain allegedly false and misleading statements made between February 8, 2017, and October 31, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Omega Healthcare Investors Inc (NYSE:OHI) common shares between February 8, 2017, and October 31, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 8, 2017, and October 31, 2017, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that financial and operating results of certain of the Company’s operators were deteriorating, that, as a result, certain of the Company’s operators were experiencing worsening liquidity issues that were significantly impacting the operators’ ability to make timely rent payments, that, as a result, certain of the Company’s direct financing leases were impaired and certain receivables were uncollectible, and that, as a result of the foregoing, Defendants’ statements about Omega’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

Hunt Valley, MD based Omega Healthcare Investors, Inc. is a self-administered real estate investment trust (REIT). Omega Healthcare Investors Inc reported that its annual Total Revenue rose from $743.62 million in 2015 to $900.83 million in 2016 and that its Net Income increased from $224.52 million in 2105 to $366.42 million in 2016.

On October 31, 2017, Omega Healthcare Investors Inc held a conference call to discuss its third quarter results. On the call, Daniel J. Booth, Omega Healthcare Investors Inc’s COO, stated that Omega Healthcare Investors Inc was experiencing “operator performance issues,” including issues with Signature Healthcare, one of the Company’s top ten operators. On the same call, Robert Stephenson, the Company’s CFO, stated that operating revenue for the quarter was approximately $220 million, compared to $225 million for the third quarter of 2016, and that “[t]he decrease was primarily a result of placing Orianna on a cash basis” which caused the Company to record no Orianna revenue for the quarter. Stephenson also stated that the Company lowered its 2017 adjusted funds from operations guidance due, in part, to “the temporary loss of Orianna revenue for both the third and fourth quarters” and the fact that the Company placed another operator, Daybreak, on a cash basis effective September 1st.

Shares of Omega Healthcare Investors Inc (NYSE:OHI) declined from $32.24 per share on October 23, 2017 to as low as $27.87 per share on October 31, 2017.