NEW YORK, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against PACS Group, Inc. (“PACS Group” or the “Company”) (NYSE: PACS) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired PACS Group (a) common stock pursuant and/or traceable to the registration statement and prospectus (collectively, t ...

Core Viewpoint - PACS Group, Inc. and its executives are facing a securities class action lawsuit for alleged violations of U.S. securities laws, following a report that claims the company engaged in fraudulent practices related to Medicare [1][2][3]. Group 1: Allegations and Investigations - The class action lawsuit alleges that PACS made false and misleading statements during its IPO and throughout the class period, failing to disclose fraudulent activities such as submitting false Medicare claims and billing for unnecessary therapies [2][3]. - Hindenburg's report, which triggered the lawsuit, claims PACS exploited taxpayer-funded healthcare programs and engaged in practices like falsifying patient records and circumventing regulatory oversight [3]. - Hagens Berman has initiated an investigation into PACS's business practices and is seeking to represent investors who suffered losses due to these alleged misconducts [5][6]. Group 2: Market Reaction - Following the release of Hindenburg's report, PACS Group's share price dropped by $11.93, a decline of over 27% [4]. - On November 6, 2024, PACS disclosed that it received civil investigative demands from the federal government, leading to a further decline in share price by $11.45, or over 38%, closing at $18.09, significantly below the IPO price of $21 [4][5].

Core Viewpoint - PACS Group, Inc. is facing a class action lawsuit following allegations of fraudulent practices related to its operations in skilled nursing facilities, which has led to a significant drop in its stock price and investor losses [1][3][4]. Group 1: Legal Actions - A class action has been initiated for investors who purchased PACS Group securities between April 11, 2024, and November 5, 2024, with a deadline for filing a lead plaintiff motion set for January 13, 2025 [1]. - Investors are encouraged to contact the Portnoy Law Firm for legal rights discussions and case evaluations [2]. Group 2: Allegations and Impact - Hindenburg Research published a report on November 4, 2024, accusing PACS of fraudulent practices, including the misuse of taxpayer-funded healthcare programs and improper billing to Medicare [3]. - Following the report's release, PACS' stock price fell by $11.93, or 27.8%, closing at $31.01 per share, resulting in substantial losses for investors [4].

Core Viewpoint - A class action lawsuit has been filed against PACS Group, Inc. following allegations of fraudulent activities related to Medicare revenue, leading to significant stock price declines and market capitalization loss [1][4][5]. Allegations and Impact - Hindenburg Research accused PACS of "systematically scamming taxpayers" by inflating Medicare revenue through misuse of COVID waivers from 2020 to 2023 [2]. - The report claims PACS misclassified individuals who tested positive or were merely exposed to COVID as qualifying for "skilled care," resulting in revenue increases of up to 300% per day, which constituted 100% of PACS' operating income from 2020 to 2023 [3]. - Following the report's release, PACS shares dropped by as much as 30%, equating to a loss of over $2 billion in market capitalization [4]. Company Response - On November 6, 2024, PACS announced a delay in releasing quarterly financials and that an investigation into the allegations was underway, leading to an additional stock price drop of over 38% [5]. - The lawsuit alleges PACS violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by failing to disclose materially adverse facts and making misleading statements in SEC filings during the class period [6]. Legal Proceedings - Investors who purchased PACS stock during the class period (April 11, 2024, to November 5, 2024) and incurred losses are encouraged to participate in the class action lawsuit [7][8].

BOSTON, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Block & Leviton announces that a securities fraud lawsuit has been filed against PACS Group, Inc. (NYSE: PACS). Investors who have lost money in their PACS Group investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/pacs. What is this all about? A lawsuit has been filed against PACS Group, Inc., alleging that the Defendants failed to disclose to investors: (1) that the C ...

Core Viewpoint - PACS Group, Inc. is facing a class action lawsuit alleging securities fraud related to its initial public offering and subsequent financial practices, with significant claims of misleading statements and improper billing practices [1][4][5]. Group 1: Class Action Lawsuit Details - The class action lawsuit is titled Manchin v. PACS Group, Inc., and it allows investors who purchased PACS Group securities between April 11, 2024, and November 5, 2024, to seek lead plaintiff status by January 13, 2025 [1][7]. - The lawsuit alleges that PACS Group and its executives made false statements and failed to disclose critical information regarding their financial practices, particularly concerning Medicare claims [4][5]. Group 2: Financial Impact and Allegations - PACS Group conducted its IPO on April 11, 2024, issuing approximately 21.4 million shares at $21.00 per share, raising about $450 million [3]. - Allegations include that PACS Group engaged in a scheme to submit false Medicare claims, which purportedly accounted for over 100% of its operating and net income from 2020 to 2023 [4][5]. - Following a report by Hindenburg Research on November 4, 2024, which highlighted these allegations, PACS Group's stock price fell by more than 27% [5]. - On November 6, 2024, PACS Group announced a postponement of its third-quarter earnings release and disclosed receiving civil investigative demands from the federal government, leading to an additional stock price drop of 38.7% [6].

NEW YORK, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against PACS Group, Inc. (NYSE: PACS) and certain of the Company’s senior executives for potential violations of the federal securities laws. If you invested in PACS, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases-investigations/pacs-group-inc. Investors have until January 13, 2025, to ask the Court to be appointed to lead t ...

Core Viewpoint - PACS Group, Inc. is under investigation for potential violations of federal securities laws following allegations of fraudulent practices related to Medicare benefits, which significantly impacted its stock price and financial standing [1][3]. Company Overview - PACS Group is one of the largest operators of skilled nursing facilities in the United States, claiming to have a successful turnaround strategy to enhance profitability [2]. Allegations and Impact - A report by Hindenburg Research accused PACS of abusing COVID-era waivers to improperly access Medicare benefits for thousands of patients, which allegedly accounted for over 100% of the company's operating and net income from 2020 to 2023 [3]. - Following the report's release on November 4, 2024, PACS's stock price plummeted by 27.8%, dropping from $42.94 to $31.01 per share within three days [3]. Legal Actions - Bleichmar Fonti & Auld LLP is conducting an investigation into PACS and is encouraging affected investors to seek legal options, emphasizing that representation will be on a contingency fee basis [1][4]. Law Firm Background - Bleichmar Fonti & Auld LLP is recognized as a leading international law firm specializing in securities class actions and has achieved significant recoveries in past cases, including over $900 million from Tesla's Board of Directors [5].

SAN DIEGO, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP is investigating whether PACS Group, Inc. (NYSE: PACS) or any of its executive officers or others violated securities laws by misrepresenting or failing to timely disclose material, adverse information to investors. On November 4, 2024, Hindenburg Research issued a report questioning PACS claims to have discovered a winning ‘turnaround’ formula for transforming poorly performing skilled nursing facilities into “cash ...

NEW YORK, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of PACS Group, Inc. (NYSE: PACS) resulting from allegations that PACS Group may have issued materially misleading business information to the investing public. So What: If you purchased PACS Group securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrang ...