PACS Group, Inc.(US:PACS) Prnewswireยท2024-11-21 10:45Core Viewpoint - The Gross Law Firm has announced a class action lawsuit on behalf of shareholders of PACS Group, Inc. due to allegations of fraudulent activities that misled investors regarding the company's financial health and operations [1][3]. Group 1: Class Action Details - The class action is for individuals and entities that purchased PACS Group common stock during the initial public offering on April 11, 2024, and between April 11, 2024, and November 5, 2024 [2]. - Shareholders are encouraged to register for the class action by January 13, 2025, to potentially be appointed as lead plaintiffs [4]. Group 2: Allegations Against PACS Group - The complaint 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 [3]. - Additional allegations include billing for unnecessary respiratory and sensory integration therapies to Medicare and falsifying documentation related to licensure and staffing [3]. - As a result of these actions, the company's positive statements about its business and prospects were deemed materially misleading [3]. Group 3: Legal Representation - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights and ensuring companies adhere to responsible business practices [5].