Operations and Facilities - As of September 30, 2025, the company operates 320 facilities across 17 states, serving over 31,100 patients daily[180] - The number of operational beds increased by 5,210 to 32,677 as of September 30, 2025, compared to 27,467 in 2024[190] - The number of facilities at the end of the period rose to 290, reflecting a 16.5% increase from 249 facilities in 2024[193] - The company added 495 skilled nursing beds and 271 assisted living beds through acquisitions during the nine months ended September 30, 2025[187] - The company disposed of one facility with 120 skilled nursing beds during the nine months ended September 30, 2025[187] - The number of facilities increased to 79 at the end of the period, up from 76 in the previous year, marking a 3.9% growth[194] Revenue and Financial Performance - Skilled nursing services revenue for the three months ended September 30, 2025, was $1,310,933, representing a 29.8% increase from $1,010,277 in the same period of 2024[190] - Total skilled nursing services revenue for the nine months ended September 30, 2025, reached $3,843,153,000, up 34.9% from $2,849,806,000 in 2024[193] - Skilled nursing services revenue for mature facilities increased to $746,242,000, a 136.8% increase from $315,154,000 in the same period last year[192] - Patient and resident service revenue increased by $320.0 million to $1.3 billion for the three months ended September 30, 2025, representing a 31.2% increase year-over-year[222] - Total revenue for the three months ended September 30, 2025, was $1.3 billion, up 31.0% from $1.0 billion in the same period of 2024[221] - Skilled nursing services revenue rose by 34.9%, or $993.3 million, to $3.8 billion for the nine months ended September 30, 2025, driven by a 27.3% increase in patient days[234] Occupancy and Patient Metrics - The occupancy rate for skilled nursing services was 89.0% for the three months ended September 30, 2025, down from 90.5% in 2024[190] - Occupancy rate for skilled nursing services across all facilities was 88.9%, a decrease of 1.9% from 90.8% in the prior year[193] - The average Quality Measure (QM) Star rating for Mature facilities was 4.3 with an occupancy rate of 95% as of September 30, 2025[181] - Actual patient days for mature facilities increased to 4,025,794, a 117.5% increase from 1,850,627 in the same period last year[193] Cost and Expenses - Cost of services increased by $196.7 million to $1.0 billion, a 23.1% rise, primarily due to a $129.9 million increase in salaries and wages[226] - General and administrative expenses increased by $31.9 million to $102.5 million, driven by higher salaries and significant legal expenses related to ongoing investigations[228] - Total operating expenses increased by $885.3 million to $3.7 billion for the nine months ended September 30, 2025, a 31.3% increase compared to the same period in 2024[232] - General and administrative expenses increased by $47.4 million to $301.6 million for the nine months ended September 30, 2025, driven by a 28.3% increase in salaries and wages[239] Income and Profitability - Operating income for the three months ended September 30, 2025, was $86.3 million, a substantial increase of 275.7% compared to the previous year[221] - Net income for the three months ended September 30, 2025, was $52.3 million, a 222.8% increase from $16.2 million in the same period of 2024[221] - Net income for the nine months ended September 30, 2025, was $131.7 million, reflecting a 587.5% increase compared to $19.2 million for the same period in 2024[232] Cash Flow and Liquidity - Cash provided by operating activities was $407.6 million for the nine months ended September 30, 2025, compared to $302.8 million for the same period in 2024[250] - Cash and cash equivalents as of September 30, 2025, were $355.7 million, reflecting a strong liquidity position[246] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $407.6 million, an increase of $104.9 million compared to the same period in 2024[252] Debt and Financing - The total principal amount outstanding under the Amended and Restated Credit Facility as of September 30, 2025, was $100.0 million[246] - As of September 30, 2025, the company had $100.0 million of variable rate debt, with no interest rate hedge in place[268] - The company had outstanding indebtedness of $253.0 million under mortgage loans and promissory notes, all at fixed interest rates as of September 30, 2025[271] Interest Rate Sensitivity - A hypothetical 10% increase in interest rates would increase annual interest expense by approximately $0.7 million, while a 10% decrease would decrease it by the same amount[268] Operational Efficiency - Days sales outstanding improved from 57.8 days as of September 30, 2024, to 50.4 days as of September 30, 2025, reflecting operational efficiencies[252]

Facility Operations - As of June 30, 2025, the company operates 316 facilities across 17 states, serving over 30,500 patients daily[190] - The number of facilities at period end rose to 287, representing a 34.1% increase from 214 in 2024[204] - The total number of post-acute care facilities increased from 220 to 316, marking a 43.6% growth[238] - The company added 119 skilled nursing beds and 175 assisted living beds during the six months ended June 30, 2025[197] - The company disposed of one facility with 120 skilled nursing beds during the six months ended June 30, 2025[197] Revenue and Financial Performance - Skilled nursing services revenue for the three months ended June 30, 2025, was $1,278,145, a 37.9% increase from $926,955 in the same period of 2024[201] - Skilled nursing services revenue for the six months ended June 30, 2025, increased to $2,532,220, a 37.7% increase from $1,839,529 in 2024[204] - Patient and resident service revenue increased by $373.6 million to $1.3 billion for the three months ended June 30, 2025, representing a 39.9% increase year-over-year[232] - Skilled nursing services revenue rose by $351.2 million to $1.3 billion, driven by a 28.3% increase in patient days[234] - Patient and resident service revenue increased by $731.2 million to $2.6 billion for the six months ended June 30, 2025, a 39.4% increase compared to the same period in 2024[245] - Skilled nursing services revenue rose by 37.7%, or $692.7 million, to $2.5 billion for the six months ended June 30, 2025, driven by an increase in patient days of 1,188,351 or 29.7%[246] Occupancy and Patient Metrics - The occupancy rate for skilled nursing services was 88.6% for the three months ended June 30, 2025, down from 91.0% in 2024[201] - Actual patient days for skilled nursing services increased to 5,182,818, a 29.7% increase from 3,994,467 in 2024[204] - Available patient days for skilled nursing services increased to 5,829,409, a 32.8% increase from 4,389,269 in 2024[204] - The occupancy rate for skilled nursing services decreased to 81.2%, down by 2.5% from 83.7% in 2024[205] Cost and Expenses - Cost of services increased by $258.7 million to $1.0 billion, primarily due to a $168.6 million rise in salaries and wages[238] - General and administrative expenses decreased by 26.6% to $100.3 million, reflecting operational efficiencies[232] - Total operating expenses increased by $630.3 million to $2.5 billion for the six months ended June 30, 2025, a 34.5% increase compared to the same period in 2024[244] - General and administrative expense increased by $15.5 million to $199.1 million for the six months ended June 30, 2025, driven by a 36.0% increase in salaries and wages[252] Income and Profitability - The net income for the three months ended June 30, 2025, was $50.97 million, a 259.9% increase compared to a loss of $31.88 million in the prior year[232] - Net income for the six months ended June 30, 2025, was $79.3 million, compared to $2.9 million for the same period in 2024, reflecting a significant increase[244] Cash Flow and Liquidity - Cash and cash equivalents were $294.2 million as of June 30, 2025, with total principal amount outstanding under the credit facility at $142.0 million[259] - Net cash provided by operating activities for the six months ended June 30, 2025, was $202.8 million, an increase of $109.3 million compared to the same period in 2024[266] - Cash, cash equivalents, and restricted cash at the end of the period on June 30, 2025, totaled $297.6 million, up from $77.9 million at the end of the same period in 2024[264] Debt and Interest Rates - The company had $142.0 million of variable rate debt as of June 30, 2025, with no interest rate hedge in place, exposing it to interest rate fluctuations[282] - A hypothetical 10% increase in interest rates would increase annual interest expense by approximately $0.9 million, while a 10% decrease would decrease it by the same amount[282] - The company had $256.2 million in outstanding indebtedness under mortgage loans and promissory notes, all at fixed interest rates as of June 30, 2025[284] Regulatory and Strategic Considerations - Approximately 72% of SNF revenue in 2022 was derived from government sources, with Medicaid representing 51% and Medicare 21%[195] - The company expects patient and resident service revenue to continue to grow as it executes its acquisition strategy[221] - The company is in a state of forbearance with lenders associated with the credit facility and is in discussions regarding terms for an amendment and waiver[260] - The company is in active discussions with Required Lenders regarding terms of an amendment and waiver to its Amended and Restated Credit Facility[276] - The company has a liquidity requirement to maintain unrestricted cash and certain permitted investments of at least $100 million until audited financial statements for the fiscal year ended December 31, 2024 are delivered[272]

Operations and Facilities - As of March 31, 2025, the company operates 315 facilities across 17 states, serving over 30,400 patients daily[186] - The company added one skilled nursing facility during the three months ended March 31, 2025, increasing total skilled nursing beds by 119[193] - Subsequent to March 31, 2025, the company expanded operations by adding six facilities, contributing 376 skilled nursing beds and 271 assisted living beds[194] - The number of facilities at the end of Q1 2025 increased to 139 from 65 in Q1 2024, a growth of 113.8%[200] Revenue and Financial Performance - Skilled nursing services revenue for the three months ended March 31, 2025, was $1,254,075, reflecting a 37.4% increase from $912,575 in the same period of 2024[198] - Skilled nursing services revenue for mature facilities increased to $692,159,000 in Q1 2025 from $282,038,000 in Q1 2024, a growth of 145.4%[200] - Patient and resident service revenue increased by $357.6 million to $1.3 billion for the three months ended March 31, 2025, a 38.9% increase compared to the same period in 2024[226] - Skilled nursing services revenue rose by 37.4%, or $341.5 million, to $1.3 billion, driven by an increase in patient days of 615,117, or 31.2%[227] Occupancy and Quality Metrics - The occupancy rate for skilled nursing services was 89.2% for the three months ended March 31, 2025, down from 91.1% in 2024[198] - The average Quality Measure (QM) Star rating for Mature facilities was 4.1 with an occupancy rate of 96% as of March 31, 2025[187] - The occupancy rate for mature facilities improved to 95.5% in Q1 2025 from 94.6% in Q1 2024, an increase of 0.9%[200] Cost and Expenses - Cost of services increased by $287.8 million to $1.0 billion, a 39.1% increase, primarily due to a $170.9 million rise in salaries and wages[230] - General and administrative expense increased by $51.8 million to $98.7 million, primarily due to a $22.8 million rise in legal fees and $12.2 million in stock compensation expense[232] - Rent - cost of services increased to $93.8 million, compared to $63.5 million, driven by new facilities and annual rent escalators[231] Income and Taxation - Net income for the three months ended March 31, 2025, was $28.4 million, a decrease of 18.5% compared to $34.8 million in the same period in 2024[225] - The effective tax rate decreased to 33.6% for the three months ended March 31, 2025, compared to 39.7% for the same period in 2024[235] Cash Flow and Liquidity - Net cash provided by operating activities for Q1 2025 was $150.2 million, an increase of $91.5 million compared to Q1 2024, driven by a $100.4 million increase in cash flows from changes in operating assets and liabilities[245] - Cash used in investing activities for Q1 2025 was $16.4 million, a decrease of $102.3 million compared to Q1 2024, primarily due to no cash used for investments in partnerships or acquisitions[247] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $290.6 million, up from $93.3 million at the end of Q1 2024[243] Debt and Interest Rate Exposure - The company had $142.0 million of variable rate debt as of March 31, 2025, with no interest rate hedge in place, exposing it to interest rate fluctuations[261] - A hypothetical 10% increase in interest rates would increase annual interest expense by approximately $0.9 million, while a 10% decrease would decrease it by the same amount[261] - The company had $259.5 million in outstanding indebtedness under mortgage loans and promissory notes, all at fixed interest rates as of March 31, 2025[263] Regulatory and Compliance - The company is required to maintain a minimum liquidity of $100 million during the forbearance period, which is set to run until October 31, 2025[254] - The company has entered into multiple forbearance agreements with lenders regarding technical events of default under its credit facility[251] - The company has historically derived a substantial portion of its revenue from Medicare and Medicaid programs, which are subject to inflation adjustments[256]

Financial Performance - For the year ended December 31, 2024, the company generated total revenue of $4.1 billion, representing a CAGR of 29.9% over the last three years[51] - For the year ended December 31, 2024, total operating expenses were $4.0 billion, with net income of $55.3 million and Adjusted EBITDA of $279.5 million[53] - As of December 31, 2024, the company had total long-term liabilities of $3.5 billion[54] - The company had outstanding indebtedness under mortgage loans insured with HUD and two promissory notes to third parties totaling $262.6 million, all at fixed interest rates[550] - As of December 31, 2024, the company had approximately $142.0 million of variable rate debt, with a hypothetical 10% increase in interest rates potentially increasing annual interest expense by approximately $1.0 million[548] Facility Operations - The company operated 138 Mature facilities, 50 Ramping facilities, and 126 New facilities as of December 31, 2024[68] - The average occupancy rate for Mature facilities was 94% as of December 31, 2024, significantly higher than the industry average of 77%[49] - The average occupancy rate for New facilities was 83% as of December 31, 2024[69] - The skilled mix by revenue for Mature facilities was 54% as of December 31, 2024[69] - The company has successfully acquired and integrated over 300 facilities to date, establishing a reputation as an acquiror-of-choice in the industry[92] Revenue Sources - Medicare and Medicaid accounted for 33.8% and 40.4% of routine revenue for the year ended December 31, 2024, respectively[51] - Approximately 72% of SNF revenue in 2022 came from government sources, with Medicaid representing 51% and Medicare 21%[105] - Medicare and Medicaid accounted for 33.8% and 40.4% of the company's routine revenue for the year ended December 31, 2024[124] Industry Trends - The SNF industry in the U.S. comprises around 15,000 facilities serving approximately 1.3 million patients annually, with the top 10 operators representing about 11% of total SNFs [102]. - The number of SNFs has declined from approximately 15,650 in 2017 to about 14,800 in 2024, attributed to compliance challenges and barriers to entry for new operators [104]. - The U.S. population aged 65 and older is projected to nearly double from 2020 to 2060, reaching 95 million, which will increase demand for SNF services [103]. - Total industry expenditures for SNFs are expected to grow from $193.6 billion in 2022 to $283.3 billion in 2031, reflecting a CAGR of 4.3% [108]. Regulatory Environment - The company is subject to inquiries and audits by federal and state agencies, which may impose penalties for regulatory deficiencies[122] - The company received Civil Investigative Demands from the U.S. Department of Justice regarding potential violations of the Federal False Claims Act[123] - The OIG identified over $563 million in overpayments to hospitals for non-compliance with Medicare's post-acute care transfer policy[173] - CMS has increased scrutiny on facilities with high reimbursements for ultra-high therapy, indicating a focus on billing practices[177] - The company must comply with various anti-kickback and self-referral laws, with violations potentially leading to significant penalties[171] Strategic Plans - The company plans to explore additional purchases of real estate assets and new market entries in the future[50] - The company plans to expand its presence through acquisitions and new facility builds, historically completing about 25 acquisitions and one new facility per year [109] - The company aims to enhance its service offerings by exploring ancillary opportunities such as pharmacy and laboratory services, which could provide additional revenue streams [112] Quality of Care - The average QM Star rating for Mature facilities as of December 31, 2024, was 4.3, compared to the industry average of 3.4[49] - The company’s facilities have above-industry average QM Star ratings, reflecting excellence in clinical quality and patient experience[85] - The company has promoted 11 administrators from within its organization in the year ended December 31, 2024, demonstrating a commitment to internal career development[89] - The company maintains a culture of compliance and innovation, focusing on billing integrity and regular facility audits to build trust with payors[84] - The company’s investments in capital improvements and ongoing maintenance aim to enhance the quality of care and patient experience across all facilities[93] Payment Models - The Patient-Driven Payment Model (PDPM) classifies patients into payment groups based on their condition and care needs, impacting Medicare reimbursement levels[128] - The Skilled Nursing Facility Value-Based Purchasing (SNF VBP) Program withholds 2% of SNFs' Medicare payments, redistributing 50-70% based on performance metrics[129] - The Balanced Budget Act of 1997 requires a per diem PPS for SNFs, covering all costs related to services for Medicare Part A beneficiaries[127] - The Medicare payment rates for skilled nursing facilities (SNFs) under the SNF prospective payment system (PPS) increased by 4.2% for Fiscal Year 2025[127] - The final rule for FY 2026 updates SNF PPS rates by 3.2%, reflecting a 3.3% market basket increase and a negative 0.7% productivity adjustment[127] Legislative Changes - The Inflation Reduction Act of 2022 extended premium subsidies for private health insurance until the end of 2025, aiding older patients with limited savings[138] - The One Big Beautiful Bill Act, enacted in July 2025, imposes significant reductions in Medicaid funding and requires states to conduct more frequent eligibility redeterminations[139] - The OBBBA limits Medicaid provider payments to 100% of the Medicare rate for expansion states and 110% for non-expansion states, potentially impacting reimbursement rates[139] - The OBBBA establishes a $1.0 million limit for home equity exempted from Medicaid eligibility calculations for long-term care starting January 1, 2028[144] - Proposed legislation continues to emerge at both federal and state levels aimed at improving quality of care and oversight in nursing homes[151] Staffing and Employment - As of December 31, 2024, the company employed 45,680 individuals across 314 facilities, including 26,788 clinicians[114] - The company has a decentralized market-driven operating model that emphasizes local operational autonomy, which enhances responsiveness to patient needs[86] - Federal and state agencies conduct regular surveys to ensure compliance with regulatory standards, with unannounced inspections occurring at least annually[162] - CMS's final rule on minimum staffing standards for skilled nursing facilities will be implemented over three years, facing significant opposition and potential delays[155]

Operations and Facilities - As of September 30, 2024, the company operates 276 facilities across 15 states, serving over 26,400 patients daily[240] - The company added 46 stand-alone skilled nursing operations and 22 assisted living facilities during the nine months ended September 30, 2024, increasing capacity by 4,390 skilled nursing beds and 1,508 assisted living beds[248] - Subsequent to September 30, 2024, the company expanded operations by adding 45 facilities, contributing 5,030 skilled nursing beds and 271 assisted living beds[249] - The number of facilities at period end rose to 249, representing a 26.4% increase from 197 in the previous year[255] - The company acquired 75 facilities since September 30, 2023, contributing to improved operational performance[314] Financial Performance - Skilled nursing services revenue for the three months ended September 30, 2024, was $1,010,277, reflecting a 28.9% increase from $783,834 in the same period of 2023[252] - Skilled nursing services revenue for the nine months ended September 30, 2024, increased to $2,849,806, a 26.9% increase from $2,245,707 in 2023[255] - Total revenue for the three months ended September 30, 2024, was $1.026 billion, a 30.0% increase from $789.2 million in the same period of 2023[279] - Patient and resident service revenue increased by $235.3 million to $1.0 billion for the three months ended September 30, 2024, a 29.8% increase compared to the same period in 2023[280] - Patient and resident service revenue increased by $621.8 million to $2.9 billion for the nine months ended September 30, 2024, a 27.5% increase compared to the same period in 2023[291] - Total revenue for the nine months ended September 30, 2024, was $2.88 billion, a 27.6% increase from $2.26 billion in the same period of 2023[291] Occupancy and Patient Metrics - The occupancy rate for skilled nursing services was 90.5% for the three months ended September 30, 2024, compared to 90.4% in the prior year[252] - Occupancy rate for skilled nursing services decreased slightly to 90.8% from 91.2% year-over-year[255] - Actual patient days for skilled nursing services increased to 6,165,899, a 26.5% rise from 4,873,494 in the previous year[255] - Available patient days for the total facilities increased by 1,442,887 to 6,788,832, a 27.0% increase[255] Revenue Sources and Mix - Approximately 72% of SNF revenue in 2022 was derived from government sources, with Medicaid accounting for 51% and Medicare for 21%[245] - The skilled mix by revenue increased to 50.5% for the three months ended September 30, 2024, up from 49.4% in the same period of 2023[252] - For the three months ended September 30, 2024, Medicare revenue as a percentage of total skilled mix increased to 33.3% from 31.8% in 2023[256] - The skilled mix by revenue for new facilities was 39.3% in 2024, down from 54.6% in 2023[256] Cost and Expenses - Cost of services increased by $211.1 million to $849.6 million, a 33.1% rise compared to the same period in 2023, primarily due to increased salaries and wages[285] - General and administrative expenses rose by $21.0 million to $70.6 million for the three months ended September 30, 2024, with stock compensation expense accounting for $12.3 million of the increase[287] - Rent - cost of services increased to $72.6 million for the three months ended September 30, 2024, compared to $58.4 million in the same period of 2023, driven by new facility additions[286] - Operating expenses increased by $717.7 million to $2.83 billion for the nine months ended September 30, 2024, representing a 34.0% increase compared to the prior year[291] Profitability and Income - Net income decreased by 75.7% to $19.2 million for the nine months ended September 30, 2024, down from $78.7 million in the same period of 2023[291] - The effective tax rate increased to 52.5% for the nine months ended September 30, 2024, compared to 27.1% for the same period in 2023[303] Cash Flow and Financing - Cash and cash equivalents were $49.5 million as of September 30, 2024, compared to $355.7 million as of September 30, 2025[307] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $302.8 million, an increase of $229.4 million compared to the same period in 2023[314] - Net cash used in investing activities for the nine months ended September 30, 2024, was $338.3 million, an increase of $225.5 million compared to the same period in 2023, driven by $140.3 million for real estate acquisitions[316] - The company is in discussions with lenders regarding amendments to its credit facility, with potential borrowing capacity of up to $586.7 million[308] - The total long-term debt additions during the nine months ended September 30, 2024, amounted to $70.1 million, with favorable terms compared to existing debt[319] Market Trends and Industry Insights - The skilled nursing facility industry in the U.S. has seen a decline in the number of facilities from approximately 15,650 in 2017 to about 14,800 in 2024, indicating a growing demand for skilled nursing services[244] - The company’s operational model focuses on acquiring underperforming facilities and converting them into higher-value transitional care facilities, enhancing clinical quality and operational metrics[241]

Core Insights - QT Imaging Holdings, Inc. has announced a strategic collaboration with Intelerad Medical Systems to enhance breast health management through innovative imaging technology [1] Company Overview - QT Imaging is focused on transforming breast health management with radiation-free imaging technology [1] - Intelerad Medical Systems is recognized as a global leader in medical imaging solutions [1] Strategic Collaboration - The agreement involves the deployment of InteleShare Research picture archiving and communication systems (PACS) and Cloud PACS [1]

Core Thesis - PACS Group, Inc. is viewed positively due to its strong operational metrics, structural demand for post-acute care, and potential for significant stock price appreciation as regulatory uncertainties are resolved [1][5]. Company Overview - PACS Group, Inc. operates a network of 316 skilled nursing and assisted living facilities across the U.S., managing over 32,000 skilled nursing beds and 2,400 assisted living beds, serving nearly 30,000 patients daily [2]. - The company maintains an overall occupancy rate of 88.9%, with mature facilities achieving 95.1%, indicating strong demand and operational efficiency [2]. Quality and Performance - Approximately 65% of PACS facilities hold 4- or 5-star CMS ratings, reflecting high-quality performance [3]. - The company has experienced delays in SEC filings but has secured multiple NYSE extensions through November 19, 2025, indicating regulatory confidence in its progress [3]. Financial Health - PACS has resolved technical defaults with lenders through forbearance, demonstrating lender recognition of the company's long-term viability [4]. - The company has strengthened its leadership team and increased cash balances to $294 million, providing ample liquidity for operations and growth [4]. Market Position - PACS's stock is currently trading near $12, significantly below analyst targets of $30+, suggesting a mispricing due to past short-seller claims and filing delays rather than operational weaknesses [4]. - Compared to peers like $ENSG, which trade at higher valuations, PACS is considered undervalued, presenting a high-upside opportunity for equity investors [5]. Future Outlook - With expected clearance of filings, strong preliminary operating results, and strategic safeguards in place, PACS is positioned for sustained growth and potential re-rating to $20–30 per share or more [5].

Company Overview - PACS Group, Inc. is a leading post-acute care provider operating 316 facilities across 17 states, with over 32,000 skilled nursing beds and 2,400 assisted living beds, focusing on quality care [2] - The company has expanded rapidly since Q2 2024, adding 96 facilities to its portfolio [2] Financial Performance - As of June 30, PACS reported an occupancy rate of 88.9%, significantly higher than the industry average of 78% [3] - The company has cash reserves of $294.2 million, nearly double the levels at the end of 2024 [3] - Management projects record revenue and adjusted EBITDA for the first half of 2025 once financial filings are complete [3] Regulatory and Governance Issues - The New York Stock Exchange extended PACS's trading period to November 19, 2025, allowing more time for the company to complete financial restatements and SEC filings [3] - PACS is cooperating with an independent Audit Committee investigation into past financial matters [3] - Leadership changes occurred with the resignation of CFO Derick Apt after an internal policy investigation, and a former CFO has been appointed as interim [4]

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud and unlawful business practices involving PACS Group, Inc. and its officers or directors [1] Group 1: Company Developments - On September 8, 2025, PACS announced the resignation of Chief Financial Officer Derick Apt due to allegations of accepting high-value items from associated individuals, which violated company policies [3] - Following the announcement of the CFO's resignation, PACS's stock price dropped by $3.29 per share, a decline of 29.08%, closing at $8.03 per share on September 9, 2025 [3] Group 2: Legal Context - Pomerantz LLP is recognized for its expertise in corporate, securities, and antitrust class litigation, having a history of recovering multimillion-dollar damages for victims of securities fraud and corporate misconduct [4]

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud and unlawful business practices involving PACS Group, Inc. and its officers or directors [1]. Group 1: Company Developments - On September 8, 2025, PACS announced the resignation of Chief Financial Officer Derick Apt due to allegations of accepting high-value items from associated individuals, which violated company policies [2]. - Following the announcement of the CFO's resignation, PACS's stock price dropped by $3.29 per share, representing a decline of 29.08%, closing at $8.03 per share on September 9, 2025 [2]. Group 2: Legal Context - Pomerantz LLP is recognized for its expertise in corporate, securities, and antitrust class litigation, having a history of recovering multimillion-dollar damages for victims of securities fraud and corporate misconduct [3].