PACS Group, Inc Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against PACS Group, Inc.

Core Viewpoint - A federal securities class action lawsuit has been filed against PACS Group, Inc. following allegations of fraudulent practices that misrepresented the company's financial health and led to significant stock price declines [1][4]. Group 1: Lawsuit Details - The lawsuit is on behalf of investors who acquired PACS common stock during its initial public offering on April 11, 2024, and securities between April 11, 2024, and November 5, 2024 [2]. - Investors who incurred losses are encouraged to contact Wolf Haldenstein to potentially become lead plaintiffs in the case, with a deadline for requests set for January 13, 2025 [3]. Group 2: Allegations Against PACS - Hindenburg Research published a report alleging that PACS engaged in fraudulent activities, including submitting false Medicare claims that accounted for over 100% of the company's operating and net income from 2020 to 2023 [4]. - The report claims PACS maintained revenue through unnecessary billing practices and falsified documentation, including misrepresenting the qualifications of staff and manipulating staffing ratios [4]. - Following the report's release, PACS's stock price dropped by $11.93 per share (27.78%) to close at $31.01 on November 4, 2024, and further fell by $11.45 per share (38.76%) to close at $18.09 on November 6, 2024, after the company announced a postponement of its fiscal third quarter earnings release and disclosed federal investigations [4].