Overview

A class action lawsuit has been filed against Nutex Health Inc. (“Nutex” or the “Company”) and certain of the Company’s current senior executive officers alleging violations of the federal securities laws. Nutex’s common stock trades in an efficient market on the Nasdaq Capital Market (“NASDAQ”) under the ticker symbol “NUTX.”

The Nutex class action lawsuit was brought on behalf of all persons and entities who purchased or otherwise acquired Nutex securities between August 8, 2024, and August 14, 2025, both dates inclusive, (the “Class Period”).

The lawsuit alleges that Nutex, a physician-led healthcare services company operating 24 hospitals and other divisions, was materially impacted by the No Surprises Act (“NSA”), which took effect in January 2022 and restricted out-of-network billing practices. Initially, Nutex’s revenues declined significantly as insurers reduced payments for emergency services by roughly 30–37%. To counter this, Nutex engaged HaloMD, a third-party vendor, to assist in the arbitration process created under the NSA. Soon after, the company began touting the success of its arbitration strategy, reporting that providers were prevailing in up to 80% of cases and attributing hundreds of millions of dollars in increased revenues to arbitration wins.

The lawsuit contends that while Nutex presented these arbitration gains as legitimate growth, the company failed to disclose that HaloMD was allegedly engaging in fraudulent schemes to obtain improper payments from insurers. According to later reports, HaloMD and its clients allegedly flooded the arbitration system with ineligible claims, inflated payment offers, and falsely attested to eligibility to secure artificially high reimbursement rates. This raised serious concerns about the sustainability of Nutex’s revenue tied to arbitration.

The allegations were amplified on July 22, 2025, when Blue Orca Capital issued a short report revealing that multiple lawsuits had already been filed against HaloMD by major insurers, accusing it of fraud. The report suggested Nutex could eventually face legal exposure itself and warned that once these practices were curtailed, Nutex’s reimbursement rates would collapse. Following the report, Nutex’s stock price dropped over 10% in one day and continued to fall as the company delayed financial filings and acknowledged accounting weaknesses.

By August 2025, Nutex disclosed that certain financial statements needed restating due to misclassified stock-based compensation liabilities and admitted ongoing material weaknesses in internal controls. These developments, combined with the unrebutted fraud allegations surrounding HaloMD, led to further declines in Nutex’s stock price. Class members who purchased Nutex securities during the relevant period suffered substantial losses as a result of the company’s alleged misrepresentations and omissions.

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If you purchased or otherwise acquired Nutex securities between August 8, 2024, and August 14, 2025, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as lead plaintiff in the Nutex class action lawsuit is October 21, 2025.