Blue Orca Shorts Nutex Over Ties to Alleged Insurance Fraud Scheme
Synopsis
According to Blue Orca’s report, the healthcare provider may have benefited from a fraudulent medical billing scheme led by consulting firm HaloMD.
Short seller Blue Orca Capital disclosed a short position in Nutex Health (NUTX) on Tuesday, alleging the healthcare provider may have benefited from a fraudulent medical billing scheme led by consulting firm HaloMD.
Nutex Health’s stock plummeted more than 17% in afternoon trade.
According to Blue Orca’s report, HaloMD has been named in three recently filed federal lawsuits accusing it of defrauding insurers by manipulating the No Surprises Act (NSA) arbitration process.
Although Nutex is not named in any of the lawsuits, Blue Orca claims the company’s dramatic revenue growth may be linked to HaloMD’s alleged tactics.
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