The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of NYSE:HGR was initiated concerning potential breaches of fiduciary duties by certain directors and officers of Hanger Inc.
Investors who purchased any Hanger Inc (NYSE:HGR) shares prior to August 2013 and currently hold any of those NYSE:HGR, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NYSE:HGR stocks follows a lawsuit filed recently against Hanger Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:HGR stocks, concerns whether certain Hanger officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Western District of Texas the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 1, 2013 and August 7, 2014 defendants misrepresented and/or concealed the effect that an increase in Medicare audits had on Hanger Inc’s business, including on its reserves for bad debt and accounts receivable.
On August 7, 2014, Hanger Inc reported its second quarter 2014 financial results. Among other things, Hanger Inc announced that while its second quarter Revenue rose from $267.79 million in 2013 to $275.85 million in 2014, its second quarter Net Income declined from $18.51 million in 2013 to $14.2 million in 2014.Hanger Inc said that the increase in accounts receivable included the impact of increased Medicare audits, which caused the Company’s Medicare receivables over 120 days old to increase by $14.0 million year-over–year. Hanger Inc also announced that it is revising its outlook for the year.
On November 6, 2014, Hanger Inc announced that it is rescheduling its third quarter 2014 earnings release and conference call. Hanger Inc said it expected the call to occure in the week of November 10, 2014. Shares of Hanger Inc declined to $19.59 per share on November 7, 2014. Then on Nov. 12, 2014 Hanger Inc announced that it plans to release financial information for the quarter ended September 30, 2014, on Monday, November 17, 2014 before the market opens and that a conference call is scheduled immediately following the release. Shares of Hanger Inc declined to as low as $18.25 per share on November 17, 2014.
Those who purchased shares of Hanger Inc (NYSE:HGR) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego