February 24, 2017 - The lead plaintiff filed a notice of appeal.
January 26, 2017 - The court granted defendants' motions to dismiss and dismissed the case with prejudice.
April 20, 2016 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Hanger Inc (NYSE:HGR) common shares between July 31, 2013 and February 26, 2016. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between July 31, 2013 and February 26, 2016.
April 1, 2016 - The court granted defendants' motion to dismiss with leave to amend.
February 10, 2015 - The lead plaintiff and lead counsel were appointed.
January 12, 2015 - Lead plaintiff motions were filed.
November 12, 2014 - An investor in shares of Hanger Inc (NYSE:HGR) filed a lawsuit in the U.S. District Court for the Western District of Texas against Hanger Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 1, 2013 and August 7, 2014.
According to the complaint the plaintiff charges Hanger Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between August 1, 2013 and August 7, 2014 defendants issued materially false and misleading statements regarding Hangar Inc's business and financial results.
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.
Hanger Inc reported that its annual Total Revenue rose from $808.77 million in 2010 to $974.43 million in 2012 and that its respective Net Income increased from $20.90 million to $63.69 million in 2012. Shares of Hanger Inc (NYSE: HGR) grew from $14.58 per share in late 2011 to as high as $40.47 per share on January 22, 2014.
Then on January 30, 2014, Hanger Inc announced its preliminary results for its fiscal year 2013. Hanger Inc said that the lower than anticipated earnings in the fourth quarter of 2013 were principally the result of operational issues isolated to a small non-clinic unit within the Patient Care segment. The CEO of Hanger Inc said that they are disappointed that operating problems at this unit impacted our fourth quarter results”. Shares of Hanger Inc (NYSE: HGR) dropped from over $40 per share in January 2014 to as low as $32.62 per share on February 3, 2014.
On March 24, 2014, Hanger Inc provided an update on the status of the filing of its annual report. Hanger Inc announced that it continues to work to file its Form 10-K for the year ended December 31, 2013 as soon as possible. Shares of Hanger Inc (NYSE: HGR) declined to $32.25 per share on March 26, 2014.
On May 5, 2014, Hanger Inc reported its first quarter 2014 results. Hanger Inc announced that its first quarter Revenue rose from $229.35 million in 2013 to $235.6 million in 2014 while its second quarter Net Income declined from $9.62 million in 2013 to $6.73 million in 2014. Shares of Hanger Inc (NYSE: HGR) declined to as low as $29.01 per share on May 15, 2014.
Then 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 Hanger Inc'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. Hanger Inc (NYSE: HGR) declined to as low as $20.68 per share on August 19, 2014.
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 occur in the week of November 10, 2014. Shares of Hanger Inc (NYSE: HGR) declined to $19.59 per share on November 7, 2014.
Then on November 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 (NYSE: HGR) declined to as low as $19.61 per share on November 12, 2014.