Nutex Health faces class-action lawsuit over alleged fraudulent revenue scheme.

• Nutex Health allegedly engaged in a fraudulent billing scheme with HaloMD. • The scheme led to inflated revenues and millions in losses for investors. • A class-action lawsuit has been filed on behalf of affected investors. • The lead plaintiff deadline is October 21, 2025. • Investors who suffered losses can submit their claims now.

SAN FRANCISCO, Sept. 2, 2025 — A class-action lawsuit has been filed against Nutex Health, Inc. (NASDAQ: NUTX), a hospital and healthcare services company, alleging that the company engaged in a fraudulent scheme with a third-party billing firm, HaloMD, to inflate its revenues. The lawsuit, filed by Hagens Berman, claims that Nutex and HaloMD submitted massive volumes of ineligible claims to insurance companies, leading to millions of dollars in losses for investors.

The allegations first surfaced on July 22, 2025, in a report from activist short-seller Blue Orca Capital. The report claimed that HaloMD’s success was due to a coordinated fraudulent scheme to steal millions of dollars from insurance companies. Blue Orca referenced three recent lawsuits filed against HaloMD by various Anthem and Blue Cross Blue Shield entities, which accused the billing firm of flooding the arbitration system with thousands of claims that they knew to be ineligible.

The lawsuit further alleges that Nutex overstated the progress it had made in remediating material weaknesses in its internal controls over financial reporting. This led to the improper accounting of certain stock-based compensation obligations, calculated as equity rather than liabilities. The company’s initial response to the Blue Orca allegations was followed by a delay in its financial filing, which ultimately sent the stock spiraling.

Nutex's shares fell more than 10% following the Blue Orca report. On August 14, 2025, the company announced it would delay filing its Form 10-Q, citing non-cash accounting adjustments related to the treatment of stock-based compensation obligations. The failure to file the 10-Q and rebut the short-seller’s claims sent the stock spiraling again, with Nutex shares falling 16.39% on August 15, 2025.

The controversy culminated on August 21, 2025, when Nutex filed a Form 8-K. In the filing, the company's Audit Committee concluded that certain prior financial statements should be restated because the non-cash obligations related to under-construction and ramping hospitals were improperly treated as equity rather than liabilities.

The class action seeks to recover damages for investors who purchased Nutex securities during the class period, alleging that the defendants’ public statements were materially false and misleading, ultimately resulting in significant losses.

Hagens Berman is investigating the allegations. Reed Kathrein, a partner at Hagens Berman, stated, “We are investigating whether Nutex’s publicly stated business model was built on a foundation of allegedly fraudulent arbitration practices and whether its financial controls were so deficient as to mislead investors.”

Investors who suffered losses are encouraged to submit their claims now. The lead plaintiff deadline is October 21, 2025. For more information, visit [www.hbsslaw.com/investor-fraud/nutx](http://www.hbsslaw.com/investor-fraud/nutx) or contact Reed Kathrein at 844-916-0895 or email [NUTX@hbsslaw.com](mailto:NUTX@hbsslaw.com).

References:
[1] https://www.morningstar.com/news/globe-newswire/9519290/nutex-health-nutx-securities-suit-alleges-fraud-and-financial-misstatements-hagens-berman
[2] https://www.globenewswire.com/news-release/2025/08/29/3141712/32716/en/Nutex-Health-NUTX-Securities-Suit-Alleges-Fraud-and-Financial-Misstatements-Hagens-Berman-NUTX-Investors-with-Losses-Encouraged-to-Contact-Hagens-Berman.html