November 13, 2014
Pensions & Investments magazine reported today on BLB&G's filing of the first and only securities class action lawsuit against Hanger, Inc. (NYSE: HGR), and certain of its executives. The action was filed in the Western District of Texas asserting claims under the Securities Exchange Act of 1934 on behalf of the City of Pontiac General Employees’ Retirement System and all similarly situated investors in Hanger securities during the period of August 1, 2013 August 7, 2014, inclusive (the “Class Period”).
The Complaint alleges that during the Class Period defendants misrepresented and/or concealed the effect that an increase in Medicare audits had on Hanger’s business, including on its reserves for bad debt and accounts receivable. On August 7, 2014, the Company announced a shocking 23% decline in its earnings per share due to the pressure it experienced from Medicare audits. On this news, the price of Hanger stock declined 25% from $29.87 per share to $22.48 per share.
A copy of the Complaint is available here.
- News BLB&G Allianz Structured Alpha Funds Team Announces New Case Filing October 16, 2020 Learn More
- Publications "Commentary: Public Pension Fund Trustees Must Master 3 Tough Tasks" by Tony Gelderman published in Pensions & Investments March 2, 2020 Learn More
- Events Hannah Ross Serves as Panelist at the LATEC Investment Education Symposium February 22, 2022 Learn More
- Publications "Environmental, Social & Governance Investing — Shareholder Proposals on ESG Investing: Benefit or Burden?" Published in The Advocate for Institutional Investors October 2019 Learn More
- News Jeroen van Kwawegen and Hans Ek quoted by Investments & Pensions Europe on the state of securities litigation in Europe January 2021 Learn More
- Publications "Labor's Capital' at Work: How Pension Funds are the Last Line of Defense Against Fraud" (A Conversation with Professor David Weber) by Kate Aufses Published in The Advocate for Institutional Investors October 2019 Learn More
- Publications "Public Pension Trustees Must Master 3 Tough Tasks" by Tony Gelderman Published in The GAPPT News & Reports April 13, 2022 Learn More
- Events Katie Sinderson Serves as Panelist at OPFTEC 2021 on "The Role of Securities Litigation in Pension Funds" October 1, 2021 Learn More
- Events BLB&G Hosts "Stewards: The Crucial Role of the Institutional Investor Community" Seminar in London January 16, 2020 Learn More