Nutex Health (NUTX) Delays Filing Quarterly Report, Shares Tank Again After Critical Blue Orca Report -- Hagens Berman

SAN FRANCISCO, Aug. 15, 2025 (GLOBE NEWSWIRE) -- Shares of Nutex Health Inc. (NASDAQ: NUTX) experienced a precipitous decline today, falling as much as 24% in intraday trading. The significant drop followed the company’s disclosure that it would not timely submit its financial results for the quarter ended June 30, 2025 - a development related to an ongoing investigation by law firm Hagens Berman into possible securities violations.

The firm urges Nutex investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys.

Visit: www.hbsslaw.com/investor-fraud/nutx
Contact the Firm Now: NUTX@hbsslaw.com
844-916-0895

Adding to investor unease, Nutex Health responded “Yes” to an SEC inquiry regarding whether "any significant change in results from operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?" The specific nature of the anticipated accounting adjustments remains undisclosed, fueling speculation and close monitoring from market participants.

Today’s downturn marks the latest chapter in a turbulent period for Nutex shares, which also saw a sharp decline on July 22, 2025. That previous drop was triggered by a scathing report from activist investment firm Blue Orca Capital, raising serious questions about Nutex's financial practices and its engagement with independent dispute resolution (IDR) vendor HaloMD.

Based on these developments, Hagens Berman has opened an investigation into whether Nutex may have misled investors about the propriety of steps taken in response to recent federal protections for consumers.

The No Surprises Act and Revenue Recognition Under Fire

The controversy surrounding Nutex appears to be rooted in the implementation of the No Surprises Act (NSA), which took effect on January 1, 2022. Designed to shield consumers from unexpected medical bills, particularly those arising from out-of-network care, the NSA has significantly impacted healthcare providers' revenue streams.

Nutex Health has acknowledged a decline in average payments from insurers for adjudicated out-of-network emergency services claims, noting a roughly 26% decrease by the end of 2022 and another 19% by the end of 2023. The company has stated that insurers often "initially pay amounts lower than the QPA [qualifying payment amount] without regard for other information relevant to the claim," necessitating appeals through the IDR process.

In response, Nutex engaged an unnamed third-party IDR vendor on July 1, 2024, to manage its out-of-network claims and identify those suitable for arbitration. Subsequently, in its March 31, 2025, annual report, Nutex disclosed a refinement in its estimate of revenue recognition timing, particularly concerning claims subject to arbitration. This "change in estimate increased revenue and net income before tax for the year ended December 31, 2024, by approximately $169.7 million and $112.0 million, respectively.”

Blue Orca's Allegations and Investor Scrutiny

Blue Orca Capital's July 22 report cast a shadow over the propriety of Nutex's use of its IDR vendor and its refined revenue timing. The report asserted that "Nutex will return to penny stock status" and that "we do not see how Nutex is investable."

The activist firm highlighted that the "crackdown on surprise billing resulted in Nutex reporting large operating and net losses in 2022 and 2023, leading its market cap to plunge to less than $30 million," suggesting that "Nutex appeared to be on death's door."

Blue Orca subsequently identified Nutex's IDR vendor as HaloMD, a billing consulting company led by Alla Laroque. Critically, the report cited "Three Recent Bombshell Lawsuits Accuse HaloMD of Theft, Fraud, and Racketeering by Allegedly Flooding System with Ineligible Arbitration Claims at Inflated Rates."

While Nutex was not named in these lawsuits, Blue Orca warned that "we believe these lawsuits are the first of what may be a tidal wave of litigation against HaloMD and its clients, and it may only be a matter of time before Nutex itself is targeted."
The core concern, according to Blue Orca, is that a "majority of Nutex's recognized revenue 'may be uncollectible,'" and that "Nutex has a massive receivables balance of uncollected awards, putting the Company particularly at risk." These assertions were a primary driver of the sharp decline in Nutex shares on July 22.

Hagens Berman’s Investigation

The recent developments have prompted legal scrutiny. Reed Kathrein, a partner at Hagens Berman, stated, "We're investigating whether Nutex may have misled investors about the propriety of steps taken in response to the NSA.”

“Our probe will focus on whether investors were misled about the true financial health and accounting practices of the company, particularly in light of these anticipated changes in results,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Nutex and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the Nutex investigation, read more »

Whistleblowers: Persons with non-public information regarding Nutex should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email NUTX@hbsslaw.com.

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

Contact:
Reed Kathrein, 844-916-0895

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