Bloomberg Law
March 13, 2023, 4:50 PM

Nobilis Health Defeats Stock-Drop Suit on Appeal, Again

Martina Barash
Martina Barash

A Nobilis Health Corp. investor lost his appeal to the Fifth Circuit Monday after seeking to revive his securities fraud suit by adding confidential witness accounts about the company’s level of intent.

Zhang Yang required evidence to rescue his case after an earlier judgment for Nobilis, which was affirmed in 2021, the US Court of Appeals for the Fifth Circuit said in an unsigned, unpublished opinion. His offer of statements in pleadings in another suit against Nobilis fell short of that standard, the appeals court said.

  • Yang alleged on behalf of a proposed class that the health services provider fraudulently ...