PACS Group, Inc. Investors: January 13, 2025 Filing Deadline in Securities Class Action – Contact Lieff Cabraser
PACS Group, a senior care facilities operator, faces a securities class action lawsuit with a January 13, 2025 lead plaintiff deadline. The lawsuit covers investors who acquired PACS stock between April 11, 2024, and November 5, 2024, including those who purchased shares during the company's IPO and SPO.
The lawsuit alleges that PACS made false statements and failed to disclose its involvement in Medicare fraud schemes, including submitting false claims that reportedly generated over 100% of the company's operating income from 2020-2023. Following a Hindenburg Research report on November 4, 2024, revealing these allegations, PACS's stock dropped 27.78% to $31.01. The stock fell another 38.76% to $18.09 on November 6, 2024, after the company postponed Q3 earnings and disclosed federal investigation demands.
Gruppo PACS, un operatore di strutture per anziani, si trova ad affrontare una causa legale collettiva in materia di titoli, con una scadenza per il lead plaintiff fissata al 13 gennaio 2025. La causa copre gli investitori che hanno acquisito azioni PACS tra l'11 aprile 2024 e il 5 novembre 2024, inclusi coloro che hanno acquistato azioni durante l'IPO e lo SPO dell'azienda.
La causa sostiene che PACS abbia fatto dichiarazioni false e non abbia rivelato il suo coinvolgimento in schemi di frode Medicare, inclusa la presentazione di richieste false che avrebbero generato oltre il 100% del reddito operativo dell'azienda dal 2020 al 2023. A seguito di un rapporto di Hindenburg Research del 4 novembre 2024, che ha rivelato queste accuse, le azioni di PACS sono scese del 27,78% a $31,01. Il titolo è ulteriormente sceso del 38,76% a $18,09 il 6 novembre 2024, dopo che l'azienda ha rinviato i risultati del terzo trimestre e ha divulgato richieste di indagine federale.
Grupo PACS, un operador de instalaciones de cuidado para mayores, enfrenta una demanda colectiva de valores con una fecha límite para el demandante principal del 13 de enero de 2025. La demanda abarca a los inversores que adquirieron acciones de PACS entre el 11 de abril de 2024 y el 5 de noviembre de 2024, incluidos aquellos que compraron acciones durante la OPI y la SPO de la empresa.
La demanda alega que PACS hizo declaraciones falsas y no reveló su participación en esquemas de fraude de Medicare, incluyendo la presentación de reclamaciones falsas que supuestamente generaron más del 100% del ingreso operativo de la empresa de 2020 a 2023. Tras un informe de Hindenburg Research del 4 de noviembre de 2024, que reveló estas acusaciones, las acciones de PACS cayeron un 27,78% a $31,01. Las acciones cayeron otro 38,76% a $18,09 el 6 de noviembre de 2024, después de que la empresa pospuso los resultados del tercer trimestre y reveló demandas de investigación federal.
PACS 그룹은 노인 요양 시설 운영업체로, 2025년 1월 13일에 대표 원고 마감일을 둔 증권 집단 소송에 직면해 있습니다. 이 소송은 2024년 4월 11일부터 2024년 11월 5일 사이에 PACS 주식을 취득한 투자자를 포함하며, 회사의 IPO 및 SPO 동안 주식을 구매한 투자자도 포함됩니다.
소송은 PACS가 허위 진술을 하고 메디케어 사기 계획에 대한 관여 사실을 공개하지 않았다고 주장합니다. 여기에는 2020년부터 2023년까지 회사의 운영 수익의 100% 이상을 발생시킨 것으로 보이는 허위 청구 제출이 포함됩니다. 이러한 혐의를 밝혀낸 2024년 11월 4일자 Hindenburg Research 보고서 이후 PACS의 주가는 27.78% 하락하여 $31.01에 거래되었습니다. 주가는 2024년 11월 6일에 3분기 실적 발표를 연기하고 연방 조사 요구를 공개한 후 38.76% 더 하락하여 $18.09에 거래되었습니다.
Groupe PACS, un opérateur d'établissements de soins pour personnes âgées, fait face à un recours collectif en valeurs mobilières avec une date limite pour le demandeur principal fixée au 13 janvier 2025. Le recours concerne les investisseurs ayant acquis des actions PACS entre le 11 avril 2024 et le 5 novembre 2024, y compris ceux ayant acheté des actions lors de l'introduction en bourse (IPO) et de l'offre secondaire (SPO) de l'entreprise.
Le recours allègue que PACS a fait de fausses déclarations et a échoué à divulguer son implication dans des schémas de fraude Medicare, y compris la soumission de fausses demandes qui auraient généré plus de 100 % du revenu opérationnel de l'entreprise entre 2020 et 2023. Suite à un rapport de Hindenburg Research du 4 novembre 2024 révélant ces allégations, l'action de PACS a chuté de 27,78 % à 31,01 $. L'action a encore chuté de 38,76 % à 18,09 $ le 6 novembre 2024, après que l'entreprise a reporté les résultats du troisième trimestre et a divulgué des demandes d'enquête fédérale.
PACS Gruppe, ein Betreiber von Seniorenpflegeeinrichtungen, sieht sich einer Sammelklage im Bereich Wertpapiere gegenüber, deren Frist für den Hauptkläger am 13. Januar 2025 abläuft. Die Klage umfasst Investoren, die zwischen dem 11. April 2024 und dem 5. November 2024 PACS Aktien erworben haben, einschließlich derjenigen, die Aktien während des Börsengangs (IPO) und des Sekundärangebots (SPO) des Unternehmens gekauft haben.
Die Klage behauptet, dass PACS falsche Aussagen gemacht und versäumt hat, seine Beteiligung an Medicare-Betrugsplänen offenzulegen, einschließlich der Einreichung falscher Ansprüche, die angeblich mehr als 100% des operativen Einkommens des Unternehmens von 2020 bis 2023 generiert haben. Nach einem Bericht von Hindenburg Research am 4. November 2024, der diese Behauptungen aufdeckte, fiel der Aktienkurs von PACS um 27,78% auf $31,01. Der Kurs fiel am 6. November 2024 um weitere 38,76% auf $18,09, nachdem das Unternehmen die Veröffentlichung der Ergebnisse für das dritte Quartal verschoben und Anforderungen der Bundesuntersuchung offengelegt hatte.
- None.
- Company allegedly engaged in Medicare fraud schemes affecting 100% of operating income
- Stock price fell 27.78% following Hindenburg Research report
- Additional 38.76% stock price decline after postponement of Q3 earnings
- Federal government launched investigation into reimbursement and referral practices
- Company faces securities class action lawsuit
- Allegations of falsifying documentation for licensure and staffing
Insights
This securities class action lawsuit against PACS Group represents a significant legal challenge with potentially severe financial implications. The allegations of Medicare fraud and misleading statements in IPO/SPO documentation are particularly serious, backed by substantial investigative findings from Hindenburg Research. The
The federal government's civil investigative demands add credibility to the allegations and suggest potential regulatory enforcement actions beyond the class action. The claimed fraudulent practices spanning Medicare billing, staffing documentation and licensing compliance could lead to substantial penalties and settlements. The January 13, 2025 lead plaintiff deadline is important for affected investors who purchased shares during the Class Period from April to November 2024.
The allegations have triggered a devastating cascade of events for PACS, with the stock losing
For investors, this presents substantial risks: potential regulatory fines, legal settlements, operational restructuring costs and reputational damage that could impact future revenue. The company's ability to maintain Medicare reimbursements, a important revenue stream, may be jeopardized. The market's sharp reaction reflects concerns about PACS's fundamental business viability and governance structure.
SAN FRANCISCO, CA / ACCESSWIRE / December 10, 2024 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in PACS Group, Inc. ("PACS" or the "Company") (NYSE:PACS) who purchased or otherwise acquired PACS common stock between April 11, 2024, and November 5, 2024, inclusive (the "Class Period"), including investors who purchased PACS common stock pursuant and/or traceable to the registration statements issued in connection with PACS's April 11, 2024 initial public offering ("IPO"), and/or the Company's September 6, 2024 secondary public offering ("SPO"), to contact us immediately regarding a pending securities class action against PACS. The deadline to apply to be lead plaintiff is January 13, 2025.
Class Period: April 11, 2024 - November 5, 2024
Lead Plaintiff Motion Deadline: January 13, 2025
Case information: lieffcabraser.com/securities/pacs-group
Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358
PACS, incorporated in California and headquartered in Farmington, Utah, is a holding company that, through its subsidiaries, operates senior care facilities, skilled nursing facilities, and assisted living facilities.
The actions allege that PACS made materially false and misleading statements and omissions throughout the Class Period, including in its IPO and SPO registration statements, and failed to disclose material adverse facts about its business, operations, and prospects, including: (1) that the Company conducted a "scheme" to submit false claims to Medicare which "drove more than
On November 4, 2024, Hindenburg Research published a report based on its five-month investigation that included interviews with 18 former PACS employees, competitors, and an analysis of over 900 PACS facility cost reports.
The report alleged that PACS had engaged in fraudulent practices, including: (1) abusing a COVID-era waiver to classify low-acuity patients as high-acuity and inflate Medicare reimbursements; (2) billing for unnecessary or nonexistent treatments, including respiratory and sensory integration therapies; (3) falsifying staffing documentation to inflate star ratings and avoid penalties; and (4) "renting" licenses to deceive regulators by borrowing credentials from third parties and employing unlicensed administrators or assigning administrators to manage facilities beyond state-mandated limits.
On this news, the price of PACS common stock fell
On November 6, 2024, the Company announced that it would postpone its third-quarter earnings release and disclosed that it had "received civil investigative demands from the federal government regarding the Company's reimbursement and referral practices that may or may not be related to this week's third-party report." On this news, the price of PACS common stock fell
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 125 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Repeatedly recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over
Contact
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com
SOURCE: Lieff Cabraser Heimann & Bernstein
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