Lawsuit Details - A securities class action lawsuit has been filed against PACS Group, Inc in the United States District Court for the Southern District of New York [1] - The lawsuit is on behalf of investors who purchased or acquired PACS common stock pursuant to the Registration Statement issued in connection with PACS' April 11, 2024 IPO and/or securities between April 11, 2024 and November 5, 2024 [1] - The lead plaintiff deadline is January 13, 2025 [1] Allegations - Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about PACS' business, operations, and prospects [9] - PACS engaged in a scheme to submit false Medicare claims which drove more than 100% of PACS' operating and net income from 2020 – 2023 [9] - The company engaged in a scheme to bill thousands of unnecessary respiratory and sensory integration therapies to Medicare [9] - PACS engaged in a scheme to falsify documentation related to licensure and staffing [9] - Defendants' positive statements about the company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis [9] Lead Plaintiff Process - PACS investors may seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel by January 13, 2025 [11] - The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors [11] - The lead plaintiff selects counsel to represent the lead plaintiff and the class [11] - The ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff [11]
Important January 13, 2025 Deadline Reminder: Kessler Topaz Meltzer & Check, LLP Reminds PACS Group, Inc. Investors of Securities Fraud Class Action Lawsuit