Core Viewpoint - A class action lawsuit has been filed against PACS Group, Inc. for alleged violations of federal securities laws related to false statements and fraudulent activities concerning Medicare claims [1][3]. Group 1: Lawsuit Details - The lawsuit targets shareholders who purchased PACS securities during the initial public offering on April 11, 2024, or within the class period from April 11, 2024, to November 5, 2024 [2]. - The complaint alleges that PACS engaged in a false Medicare claim scam, which contributed to over 100% of its operating and net income from 2020 to 2023 [3]. - PACS is accused of billing Medicare for thousands of unnecessary therapies and falsifying documentation related to licensure and staffing [3]. Group 2: Legal Representation - DJS Law Group specializes in securities class actions and corporate governance litigation, focusing on enhancing investor returns through advocacy [4]. - The firm represents some of the largest hedge funds and alternative asset managers, emphasizing the value of litigation claims as significant assets [4].

Core Viewpoint - A lawsuit has been filed against PACS Group, Inc. and its senior executives for potential violations of federal securities laws, alleging misconduct related to Medicare benefits access and financial misrepresentation [1][2][3]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the Southern District of New York, titled Manchin v. PACS Group, Inc., et al., No. 24-cv-08636 [2]. - Investors have until January 13, 2025, to request to lead the case [2]. Group 2: Allegations Against PACS - PACS is alleged to be one of the largest operators of skilled nursing facilities in the U.S., claiming to have a successful turnaround strategy that was actually based on illicitly accessing Medicare benefits [3]. - Hindenburg Research published a report alleging that PACS abused a COVID-era waiver to access Medicare benefits for thousands of patients, which they claim drove over 100% of PACS's operating and net income from 2020 to 2023 [4]. Group 3: Stock Price Impact - Following the allegations and the report, PACS's stock price fell significantly, dropping 27.8% from $42.94 to $31.01 on November 4, 2024, and then 38.8% from $29.54 to $18.09 on November 6, 2024 [4].

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of PACS Group, Inc. regarding a class action lawsuit due to allegations of fraudulent activities that misled investors [1][2]. Group 1: Allegations - The lawsuit alleges that PACS Group engaged in a scheme to submit false Medicare claims, which accounted for over 100% of the company's operating and net income from 2020 to 2023 [2]. - The company is accused of billing for thousands of unnecessary respiratory and sensory integration therapies to Medicare [2]. - There are claims that PACS falsified documentation related to licensure and staffing, leading to misleading statements about the company's business and prospects [2]. Group 2: Class Action Details - The class period for the lawsuit includes shares purchased from April 11, 2024, to November 5, 2024 [1]. - Shareholders are encouraged to register for the class action by January 13, 2025, to potentially become lead plaintiffs [3]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the case's progress [3]. Group 3: Law Firm's Mission - The Gross Law Firm aims to protect investors' rights who have suffered due to deceit and illegal business practices [4]. - The firm is committed to ensuring companies adhere to responsible business practices and seeks recovery for investors affected by misleading statements [4].

Core Viewpoint - A lawsuit has been filed against PACS Group, Inc. and its senior executives for potential violations of federal securities laws, alleging misconduct related to Medicare benefits access [1][2][3]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the Southern District of New York, titled Manchin v. PACS Group, Inc., et al., No. 24-cv-08636 [2]. - Investors have until January 13, 2025, to request to be appointed to lead the case [2]. Group 2: Allegations Against PACS - PACS is alleged to be one of the largest operators of skilled nursing facilities in the U.S., claiming to have a successful turnaround strategy for profitability [3]. - The complaint asserts that PACS's turnaround was based on illicitly accessing Medicare benefits for thousands of patients [3]. - A report by Hindenburg Research accused PACS of abusing a COVID-era waiver to improperly access Medicare benefits, estimating that this scheme accounted for over 100% of PACS's operating and net income from 2020 to 2023 [4]. Group 3: Stock Price Impact - Following the allegations, PACS's stock price fell significantly, dropping 27.8% from $42.94 to $31.01 on November 4, 2024, and then 38.8% from $29.54 to $18.09 on November 6, 2024 [4].

Core Viewpoint - A securities class action lawsuit has been filed against PACS Group, Inc. for allegedly making materially false and misleading statements regarding its business operations and financial performance during the Class Period from April 11, 2024, to November 5, 2024 [1][2]. Group 1: Allegations Against PACS Group - The lawsuit claims that PACS engaged in a scheme to submit false Medicare claims, which accounted for over 100% of its operating and net income from 2020 to 2023 [2]. - It is alleged that PACS billed Medicare for thousands of unnecessary respiratory and sensory integration therapies [2]. - The company is accused of falsifying documentation related to licensure and staffing, leading to misleading statements about its business prospects [2]. Group 2: Legal Process and Participation - Investors in PACS have until January 13, 2025, to seek appointment as lead plaintiff, representing the class in the litigation [3]. - A lead plaintiff is typically the investor or group of investors with the largest financial interest in the case and is responsible for directing the litigation [3]. - Participation as a lead plaintiff does not affect an investor's ability to share in any recovery from the lawsuit [3]. Group 3: Law Firm Information - Kessler Topaz Meltzer & Check, LLP is the law firm handling the class action and has a reputation for prosecuting class actions globally, recovering billions for victims of corporate misconduct [4]. - The firm encourages PACS investors who have suffered losses to contact them for more information [4].

Core Insights - PACS Group, a nursing home operator, has seen a dramatic decline in its stock price, losing 70% of its market capitalization since early November 2024 due to allegations of deceptive Medicare billing practices and a federal investigation [1][5][6] Group 1: Company Performance - PACS Group's stock initially surged after its IPO in April 2024, with shares doubling from the $21 offering price within seven months [2] - The company's stock price fell by over 27% on November 4, 2024, following a report from Hindenburg Research, which accused PACS of various improprieties [4][3] - Following the release of the Hindenburg report, PACS's stock dropped an additional 38% on November 6, closing at $18.09, below its initial offering price [5] Group 2: Allegations and Investigations - Hindenburg Research's report claimed PACS improperly accessed Medicare funds, fabricated patient records, and engaged in fraudulent licensing practices [3] - PACS received civil investigative demands from federal authorities regarding its reimbursement and referral practices, corroborating some allegations from the Hindenburg report [5] - A securities class-action lawsuit has been filed against PACS, alleging the company misled investors about its turnaround strategy, which was purportedly based on improper Medicare benefit acquisitions [6] Group 3: Legal and Regulatory Actions - Hagens Berman, a shareholder rights firm, is investigating PACS for potential violations of U.S. securities laws and is urging affected investors to come forward [2][7] - The investigation focuses on PACS's alleged misuse of Medicare funds and manipulation of patient records, raising concerns about potential fraud [7]

Core Viewpoint - Investors in PACS Group, Inc. have the opportunity to lead a securities fraud class action lawsuit due to alleged fraudulent activities by the company [1][2]. Summary by Relevant Sections Lawsuit Details - The lawsuit alleges that between April 11, 2024, and November 5, 2024, PACS Group engaged in a scheme to submit false Medicare claims, which accounted for more than 100% of the company's operating and net income from 2020 to 2023 [2]. - The company is accused of billing Medicare for thousands of unnecessary respiratory and sensory integration therapies [2]. - Allegations also include falsifying documentation related to licensure and staffing [2]. - As a result of these actions, the positive statements made by the company regarding its business, operations, and prospects were materially misleading and lacked a reasonable basis [2]. Participation Information - Investors who suffered losses related to PACS Group are encouraged to participate in the ongoing securities fraud lawsuit before the lead plaintiff deadline of January 13, 2025 [2]. - Interested parties can contact the Law Offices of Frank R. Cruz for more information on participation [3][4].

Core Viewpoint - A lawsuit has been filed against PACS Group, Inc. for alleged financial misconduct during a specified class period, following significant drops in share price due to negative reports and investigations [1][3][4]. Group 1: Lawsuit Details - The lawsuit is on behalf of investors who purchased PACS securities between April 8, 2024, and November 21, 2024 [1][2]. - Investors can seek to be appointed as lead plaintiff representatives by January 13, 2025 [2]. Group 2: Allegations and Financial Impact - Hindenburg Research published a report on November 4, 2024, alleging that PACS misused COVID waivers to inflate Medicare reimbursements, leading to a share price drop of $11.93, or 27.8%, closing at $31.01 [3]. - Following the report, PACS announced a delay in its third-quarter 2024 financial results due to an investigation into its reimbursement practices, resulting in a further share price drop of $11.45, or 38.8%, closing at $18.09 [4]. Group 3: Company Background - PACS is headquartered in Farmington, Utah, and operates skilled nursing and post-acute care facilities in the U.S. [2].

Core Viewpoint - A lawsuit has been filed against PACS Group, Inc. and its senior executives for potential violations of federal securities laws, alleging misconduct related to the company's financial practices and Medicare benefits access [1][2][3]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the Southern District of New York, titled Manchin v. PACS Group, Inc., et al., No. 24-cv-08636 [2]. - Investors have until January 13, 2025, to request to lead the case [2]. Group 2: Allegations Against PACS - PACS is alleged to be one of the largest operators of skilled nursing facilities in the U.S., claiming to have a successful turnaround strategy that was, in reality, based on illicitly accessing Medicare benefits for thousands of patients [3]. - A report by Hindenburg Research accused PACS of abusing a COVID-era waiver to improperly access Medicare benefits, estimating that this scheme accounted for over 100% of PACS's operating and net income from 2020 to 2023, which facilitated its IPO in early 2024 [4]. Group 3: Stock Price Impact - Following the allegations and the announcement of civil investigative demands from the federal government, PACS's stock price experienced significant declines: a drop of 27.8% on November 4, 2024, and a further decline of 38.8% on November 6, 2024 [4].

Investors can contact the law firm at no cost to learn more about recovering their losses LOS ANGELES, Jan. 02, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises PACS Group, Inc. ("PACS Group" or the "Company") (NYSE: PACS) investors of a class action representing investors that bought securities between April 11, 2024 and November 05, 2024, inclusive (the "Class Period"). PACS Group investors have until January 13, 2025 to file a lead plaintiff motion. Investors are encouraged to contact attorney Lesle ...