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].
Class Action Announcement for PACS Group, Inc. (PACS): Kessler Topaz Meltzer & Check, LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against PACS Group, Inc.