US law firms to pursue legal action against troubled NMC Health - Arabianbusiness

US law firms to pursue legal action against troubled NMC Health - Arabianbusiness:

Six US law firms have signalled their intent to pursue legal action on behalf of investors against troubled UAE-based NMC Health.

Bernstein Liebherd, Bronstein, Gewirtz & Grossman, Gainey, McKenna & Egleston, Pomerantz Law, Schall Law and Wolf Hadenstein Adler Freeman & Herz have all filed class action lawsuits on behalf of US investors amid allegations of securities fraud.

The Schall Law firm, which represents investors around the world and specialises in securities class action lawsuits and shareholder rights litigation, is encouraging investors with losses of more than $100,000, who purchased the company’s securities between March 13, 2016 and March 10, 2020, to contact the firm before May 11.

A release by the firm alleges that NMC made false and misleading statements to the market; failed to maintain effective internal controls; understated its debts while simultaneously overstating its cash-on-hand; and NMC Health's principal shareholders did not accurately report their interest in the company, which did not review the ownership stakes of these principal shareholders, and therefore could not enforce its Relationship Agreement with them.