NEW YORK, Dec. 14, 2017 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, reminds investors in Omega Healthcare Investors, Inc. ("Omega" or the
"Company") (NYSE: OHI) of the January 16, 2018 deadline to seek the role of lead plaintiff in a
federal securities class action that has been filed against the Company.
If you invested in Omega stock or options between February 8, 2017, and October 31, 2017 and would like to discuss your legal rights, click here:
www.faruqilaw.com/OHI. There is no cost or
obligation to you.
You can also contact us by calling Richard Gonnello toll free at
877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York
on behalf of all those who purchased Omega securities between February 8, 2017, and October 31, 2017 (the "Class Period"). The case, Gronich v. Omega Healthcare Investors, Inc. et
al, No. 1:17-cv-08983 was filed on November 16, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that:
(1) financial and operating results of certain of the Company's operators were deteriorating; (2) certain of the Company's
operators were experiencing worsening liquidity issues that were significantly impacting the operators' ability to make timely
rent payments; and (3) as a result, certain of the Company's direct financing leases were impaired and certain receivables were
uncollectible.
Specifically, on July 26, 2017, the Company reported its second quarter 2017 financial results.
During a conference call held the next day by the Company, Chief Operating Officer Daniel Booth
stated that the Company continued "to see certain regional operators struggle with various operational pressures" and that two of
the Company's top ten private operators had seen margins and coverages decline, which created liquidity concerns.
On this news, the Company's share price declined from $33.45 on July 26,
2017, to $32.10 on July 27, 2017 – a $1.35 or a 4.04% drop.
Then, on October 30, 2017, Omega announced its third quarter 2017 financial results. The next
day, the Company held a conference call to discuss its results, wherein Daniel Booth disclosed
that the Company "[continued] to experience specific operator performance issues" in addition to issues with Signature
Healthcare, due to "liquidity issues [that] are impacting the ability of these operators to pay rent on a timely basis." During
the same call, Robert Stephenson, the Company's Chief Financial Officer, stated that the Company's
decrease in operating revenue "was primarily a result of placing Orianna on a cash basis".
Following the announcement, Omega's share price fell from $30.97 per share on October 30, 2017 to a closing price of $28.86 on October
31, 2017 - a $2.11 or a 6.81% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who
is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of
the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and
remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff
or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Omega's conduct to contact the firm, including
whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome
with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated
in a confidential manner.
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