NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating potential claims on behalf of purchasers of PACS Group, Inc. (“PACS”) common stock (NYSE: PACS).
PACS operates skilled nursing and assisted living facilities. PACS had its IPO April 10, 2024 and sold 24.6 million shares at $21.00 per share. On September 5, 2024, PACS and its two co-founders sold 19.0 million shares at $36.25 per share in a secondary equity offering.
During the trading day on November 4, 2024, Hindenburg Research issued a report entitled PACS Group: How To Become A Billionaire In The Skilled Nursing Industry By Systematically Scamming Taxpayers. For its report, Hindenburg interviewed 18 former employees, competitors and analyzed over 900 facility-level cost reports. Hindenburg alleges “PACS abused a COVID-era waiver, inappropriately accessing skilled care Medicare benefits for thousands of patients across its national portfolio of facilities” and Hindenburg estimated “the scheme drove more than 100% of PACS’ operating and net income from 2020 – 2023, enabling PACS to IPO in early 2024 with the illusion of legitimate growth and profitability.” PACS’ intraday stock price fell $12.07 per share to $30.89, down 28.1% on heavy volume
Investors who lost over $25,000 trading in PACS common stock and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or asavett@wolfpopper.com.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper’s reputation and expertise have been repeatedly recognized by courts that have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.
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Wolf Popper LLP
Adam Savett
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9655
Email: asavett @wolfpopper.com
