INNV Investors Have Opportunity to Lead InnovAge Holding Corp. Securities Lawsuit
Glancy Prongay & Murray LLP has announced a class action lawsuit for investors of InnovAge Holding Corp (NASDAQ: INNV) who have suffered substantial losses since its IPO in March 2021. The lawsuit arises from allegations that InnovAge failed to disclose critical information regarding its service quality and regulatory scrutiny, potentially leading to suspension of new enrollments by the Centers for Medicare and Medicaid Services. Interested investors can submit their contact information to participate, with a lead plaintiff deadline set for December 13, 2021.
- None.
- Failure to disclose that certain facilities did not provide adequate services.
- Risk of regulatory scrutiny from Centers for Medicare and Medicaid Services.
- Significant risk of CMS suspending new enrollments pending an audit.
- Defendants' statements about the Company's outlook were misleading.
LOS ANGELES, Oct. 29, 2021 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against InnovAge Holding Corp. ("InnovAge" or the "Company") (NASDAQ: INNV).
Relevant Period: March 2021 IPO
Lead Plaintiff Deadline: December 13, 2021
If you wish to serve as lead plaintiff of the InnovAge lawsuit, you can submit your contact information at https://www.glancylaw.com/cases/innovage-holding-corp/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
The complaint filed alleges that the defendants failed to disclose to investors: (1) that certain of InnovAge's facilities failed to provide covered services, provide accessible and adequate services, manage participants' medical situations, and oversee use of specialists; (2) that, as a result, the Company was reasonably likely to be subject to regulatory scrutiny, including by the Centers for Medicare and Medicaid Services; (3) that, as a result, there as a significant risk that CMS would suspend new enrollments pending an audit of the Company's services; and (4) that, as a result of the foregoing, the defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Glancy Prongay & Murray LLP
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