ModivCare (MODV) Prnewswire·2025-03-13 13:42Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against ModivCare, Inc. due to alleged violations of federal securities laws, encouraging affected investors to come forward [2][4]. Group 1: Legal Investigation and Claims - The law firm is urging investors who suffered losses exceeding $50,000 in ModivCare between November 3, 2022, and May 3, 2023, to discuss their legal options [1]. - A federal securities class action has been filed against ModivCare, with a deadline of March 31, 2025, for investors to seek the role of lead plaintiff [2][6]. - The complaint alleges that ModivCare and its executives made false or misleading statements regarding the company's financial health, including issues with contract renegotiations and liquidity [4]. Group 2: Financial Impact and Stock Performance - Following the revelation of ModivCare's financial issues, the company's stock price experienced a significant decline, dropping nearly 10% from $14.12 to $12.72 per share on September 16, 2024, after a negative financial update [5]. - The company revised its 2024 Adjusted EBITDA guidance from a range of $185-$195 million to $170-$180 million, primarily due to pricing accommodations in the NEMT segment [5]. Group 3: Firm Background and Contact Information - Faruqi & Faruqi, LLP has recovered hundreds of millions of dollars for investors since its founding in 1995 and has offices in multiple states [3]. - The firm encourages anyone with information regarding ModivCare's conduct, including whistleblowers and former employees, to reach out [7].