Nutex Health (NUTX) Faces Investor Lawsuit Over Alleged Revenue Inflation Scheme -- Hagens Berman

San Francisco, California--(Newsfile Corp. - October 9, 2025) - Nutex Health Inc. (NASDAQ: NUTX), a publicly traded operator of micro-hospitals and healthcare facilities, is under legal scrutiny following a class-action lawsuit that accuses the company of orchestrating a deceptive billing strategy to artificially boost its financial results. The litigation, filed in a Texas federal court, alleges that Nutex collaborated with third-party billing firm HaloMD to submit ineligible insurance claims, misleading shareholders and triggering substantial losses.

Blog: www.hbsslaw.com/blog/the-nutex-health-securities-suit

Hagens Berman urges Nutex investors who suffered substantial losses to submit your losses now.

Class Period: Aug. 8, 2024 - Aug. 14, 2025
Lead Plaintiff Deadline: Oct. 21, 2025
Visit: www.hbsslaw.com/investor-fraud/nutx
Contact the Firm Now: [e-mail]
844-916-0895

Alleged Scheme Involving Arbitration Windfalls

According to the complaint, Nutex and HaloMD engaged in a systematic effort to exploit the insurance arbitration process. The suit claims the companies submitted thousands of questionable claims, falsely certifying their validity to extract outsized reimbursements. These arbitration-driven revenues, the plaintiffs argue, were central to Nutex's reported financial performance but lacked long-term viability.

The complaint contends that Nutex's revenue model was built on unstable foundations, and that investors were misled by financial statements that failed to reflect the true nature of the company's operations.

Short-Seller Report Sparks Market Fallout

The allegations gained traction after activist short-seller Blue Orca Capital published a report on July 22, 2025, accusing HaloMD of orchestrating a "fraudulent scheme" to siphon millions from insurers. The report cited lawsuits filed by Anthem and Blue Cross Blue Shield affiliates, which claimed HaloMD overwhelmed the arbitration system with invalid claims.

Blue Orca warned that Nutex's reliance on arbitration reimbursements posed a significant risk, suggesting the company's stock could collapse to penny-stock levels. Following the report's release, Nutex shares dropped over 10%, reflecting investor unease.

Financial Controls Under Fire

Beyond the billing allegations, the lawsuit asserts that Nutex misrepresented its progress in addressing internal control deficiencies. Specifically, the company is accused of misclassifying stock-based compensation obligations-treating them as equity rather than liabilities-thereby distorting its financial position.