| Company: | Hanger Orthopedic Group, Inc. |
| Ticker Symbol: | NYSE: HGR |
| Class Period: | July 29, 2003 to June 14, 2004 |
| Date Filed: | Jun-28-04 |
| Lead Plaintiff Deadline: | Aug-23-04 |
| Court: | Eastern District, NY |
| Allegations: |
A securities fraud lawsuit has been filed against Hanger Orthopedic Group, Inc.
("Hanger") (NYSE:HGR) and certain of its officers and directors, on behalf of all persons who purchased Hanger securities on the open market from July 29, 2003 through June 14, 2004. The action was filed in the United States District Court for the Eastern District of New York.
The complaint alleges that during the Class Period, defendants materially misrepresented Hanger's financial results and performance in press releases, SEC filings and public statements by improperly recognizing revenue in contravention of generally accepted accounting principles, the Company's revenue recognition policy and numerous federal laws by improperly billing Medicare for orthotic and prosthetic devices. This scheme was perpetrated by the Company by, among other things, forging prescriptions and recording sales for non-existent patients, thereby materially inflating its reported revenues and income.
Defendants' misrepresentations were revealed on June 14, 2004 when a news story on WNBC-TV reported on the Company's illegal and fraudulent billing practices.
As a result of the news, shares of Hanger plummeted in trading on June 15, 2004, closing at $12.75 per share on heavy trading volume, compared to a closing price of $14.41 the previous day.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint alleges that during the Class Period, defendants materially misrepresented Hanger's financial results and performance in press releases, SEC filings and public statements by improperly recognizing revenue in contravention of generally accepted accounting principles, the Company's revenue recognition policy and numerous federal laws by improperly billing Medicare for orthotic and prosthetic devices. This scheme was perpetrated by the Company by, among other things, forging prescriptions and recording sales for non-existent patients, thereby materially inflating its reported revenues and income.
Defendants' misrepresentations were revealed on June 14, 2004 when a news story on WNBC-TV reported on the Company's illegal and fraudulent billing practices.
As a result of the news, shares of Hanger plummeted in trading on June 15, 2004, closing at $12.75 per share on heavy trading volume, compared to a closing price of $14.41 the previous day.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
