PACS DEADLINE NEWS: PACS Group was Sued for Securities Fraud – Contact BFA Law before January 13 Class Action Deadline (NYSE:PACS)

Core Viewpoint - A lawsuit has been filed against PACS Group, Inc. and its senior executives for potential violations of federal securities laws, alleging that the company misrepresented its financial health and turnaround strategy to shareholders [1][3]. Group 1: Lawsuit Details - The lawsuit claims that PACS, a major operator of skilled nursing facilities in the U.S., falsely represented its turnaround strategy as successful while actually relying on illicit access to Medicare benefits for thousands of patients [2][3]. - Investors have until January 13, 2025, to request to lead the case, which is pending in the U.S. District Court for the Southern District of New York [3]. Group 2: Impact of Hindenburg Research Report - On November 4, 2024, Hindenburg Research published a report alleging that PACS abused COVID-era waivers to access Medicare benefits, which they claim accounted for over 100% of PACS's operating and net income from 2020 to 2023 [4]. - Following the report, PACS's stock price dropped significantly, falling 27.8% from $42.94 to $31.01 per share on November 4, 2024, and then another 38.8% from $29.54 to $18.09 per share on November 6, 2024 [4]. Group 3: Company Response - On November 6, 2024, PACS announced the postponement of its Q3 earnings and disclosed that it had received civil investigative demands from the federal government regarding its reimbursement and referral practices [11].