In splitting the prize money among 11 people, there would be some maths involved because some pitched in Dh50, others Dh100, and a few gave Dh200
According to the complaint, NMC Health made false and misleading statements to the market. "NMC Health failed to maintain effective internal controls. The company engaged in numerous related-party transactions. The company understated its debts while simultaneously overstating its cash-on-hand."
The law firms pointed out that 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. "Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about NMC Health, investors suffered damages."
The filings make a number of allegations, including that the company lacked effective internal controls, that it engaged in "undisclosed and extensive" related party transactions, and that its debts were significantly understated, while cash balances were overstated.
At least one filing alleges that previous statements made by the company were "were materially false and misleading and/or lacked a reasonable basis".
Legal firm Pomerantz alleged in its complaint that throughout the "class period," NMC and its top officers "made false and/or misleading statements and/or failed to disclose that: (i) NMC lacked effective internal controls and risk management; (ii) NMC engaged in undisclosed and extensive related party and de facto related party transactions; (iii) NMC's debts were significantly understated and obfuscated; (iv) NMC's cash-on-hand figures were overstated; (v) NMC's principal shareholders were not accurately reporting or accounting their interests or stakes in the company; (vi) NMC did not review or know their principal shareholders interests or stakes in the company; (vii) consequently, the company was not enforcing its Relationship Agreement with the principal shareholders; and (viii) as a result, defendants' statements about NMC's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times."
- issacjohn@khaleejtimes.com
In splitting the prize money among 11 people, there would be some maths involved because some pitched in Dh50, others Dh100, and a few gave Dh200
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