NEW YORK, Nov. 15, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired PACS Group, Inc. (“PACS” or the “Company”) (NYSE: PACS) securities between April 11, 2024 and November 5, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal secu ...

Core Viewpoint - PACS Group, Inc. is facing legal scrutiny due to allegations of fraudulent practices related to Medicare claims, which have significantly impacted its financial performance and stock value [4][5][6]. Group 1: Legal Investigation and Claims - Faruqi & Faruqi, LLP is investigating potential claims against PACS Group and has set a deadline of January 13, 2025, for investors to seek the role of lead plaintiff in a federal securities class action [2]. - The complaint alleges that PACS Group and its executives violated federal securities laws by making false statements and failing to disclose critical information regarding their business practices [4]. Group 2: Allegations of Fraudulent Practices - The allegations include a scheme to submit false Medicare claims that accounted for over 100% of PACS' operating and net income from 2020 to 2023, misleading investors about the company's growth and profitability [4][5]. - Specific fraudulent activities cited include billing for unnecessary therapies and falsifying documentation related to licensure and staffing, which contributed to misleading financial statements [4][5]. Group 3: Financial Impact and Stock Performance - Following the release of a report by Hindenburg Research, PACS Group's stock price fell by $11.93, or 27.78%, closing at $31.01 per share on November 4, 2024 [5]. - On November 6, 2024, the company announced a postponement of its fiscal third quarter earnings release, leading to a further decline in stock price by $11.45, or 38.76%, closing at $18.09 per share [6].

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 its IPO and subsequent period [1][3]. Group 1: Lawsuit Details - The lawsuit is on behalf of investors who purchased PACS common stock during its IPO on April 11, 2024, and securities between April 11, 2024, and November 5, 2024 [1]. - The lead plaintiff deadline for the lawsuit is set for January 13, 2025 [1][4]. Group 2: Allegations Against PACS - The complaint alleges that PACS engaged in fraudulent activities, including submitting false Medicare claims that accounted for over 100% of its operating and net income from 2020 to 2023 [3]. - PACS is accused of billing for unnecessary respiratory and sensory integration therapies to Medicare [3]. - The company allegedly falsified documentation related to licensure and staffing, leading to misleading positive statements about its business prospects [3]. Group 3: Lead Plaintiff Process - Investors can seek to be appointed as lead plaintiffs by January 13, 2025, or choose to remain absent class members [4]. - The lead plaintiff represents the interests of all class members and selects counsel to direct the litigation [4].

SAN DIEGO, Nov. 14, 2024 /PRNewswire/ -- Robbins LLP announces that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired PACS Group, Inc. (NYSE: PACS) (a) common stock in connection with the Company's April 11, 2024 initial public offering ("IPO"), or (b) securities between April 11, 2024 and November 5, 2024. PACS Group, through its subsidiaries, operates senior care facilities, skilled nursing facilities, and assisted living facilities in the United ...

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].