Glancy Prongay & Murray LLP Files a Securities Class Action on Behalf of Omega Healthcare Investors, Inc. Investors and Encourages Investors to Contact the Firm

Business Wire

LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York (Docket Number 1:17-cv-08983) on behalf of persons and entities that acquired Omega Healthcare Investors, Inc. (“Omega” or the “Company”) (NYSE: OHI) securities between February 8, 2017, and October 31, 2017, inclusive (the “Class Period”), asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

Investors are hereby notified that they have 60 days from the date of this notice to move the court to serve as lead plaintiff in this action.

Investors suffering losses on their Omega investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights at 310-201-9150 or by email to shareholders@glancylaw.com, or visit the Omega case page on our website at www.glancylaw.com/case/omega-healthcare-investors-inc.

On October 31, 2017, the Company held a conference call to discuss its third quarter results. On the call, Daniel J. Booth, the Company’s COO, stated that Omega 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.

On this news, the Company’s stock price fell $2.11 per share, or 6.8%, to close at $28.86 per share on November October 31, 2017, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, 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: (1) that financial and operating results of certain of the Company’s operators were deteriorating; (2) 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; (3) that, as a result, certain of the Company’s direct financing leases were impaired and certain receivables were uncollectible; and (4) 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.

If you purchased shares of Omega during the Class Period you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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