LOS ANGELES, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises PACS Group, Inc. ("PACS Group" or the "Company") (NYSE: PACS) investors of a class action representing investors that bought securities between April 11, 2024 and November 05, 2024, inclusive (the "Class Period"). PACS Group investors have until January 13, 2025 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On November 4, 2024, Hindenburg Research released a report accusing PACS of engaging in fraudulent practices as part of its alleged "turnaround" strategy for underperforming skilled nursing facilities. The report claims that PACS' approach involved exploiting taxpayer-funded healthcare programs, including the misuse of a COVID-era waiver. It further alleges that the company improperly billed Medicare Part B for thousands of unnecessary respiratory and sensory integration therapies, regardless of patient need or clinical outcomes, and employed unlicensed administrators, among other accusations.
Following the release of this report, PACS' stock price dropped by $11.93, or 27.8%, closing at $31.01 per share on November 4, 2024, resulting in significant losses for investors.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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