INTRODUCTION TO THE PACS GROUP CLASs ACTION LAWSUIT
Contact us today for a free case evaluation in the PACS Group class action lawsuit
The PACS Group class action lawsuit seeks to represent purchasers or acquirers of PACS Group, Inc. (NYSE: PACS): (i) securities between April 11, 2024, and November 5, 2024, inclusive (the “Class Period”); and/or (ii) common stock pursuant and/or traceable to PACS Group’s registration statement issued in connection with PACS Group’s April 11, 2024 initial public offering (“IPO”). Captioned Manchin v. PACS Group, Inc., No. 24-cv-08636 (S.D.N.Y.), the PACS Group class action lawsuit charges PACS Group and certain of PACS Group’s top executives, directors, and certain underwriters of the IPO with violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934.
If you have suffered losses in PACS Group stock and are interested in becoming the lead plaintiff in the PACS Group class action lawsuit or have any inquiries regarding your rights as a shareholder, please reach out to PACS Group Stock Loss Lawyer Timothy L. Miles at no cost. You can contact him by calling 855/846-6529, sending an e-mail to [email protected], or filling out a contact form below.
Lead plaintiff motions for the PACS Group class action lawsuit must be filed with the court no later than January 13, 2024.
allegations in the PACS GROUP CLASS ACTION lawsuit
PACS Group, through its subsidiaries, operates skilled nursing facilities and assisted living facilities in the United States. According to the PACS Group class action lawsuit, on or about April 11, 2024, PACS Group conducted its IPO, issuing approximately 21.4 million shares of common stock to the public at the offering price of $21.00 per share for net proceeds of approximately $450 million to PACS Group. The allegations in the lawsuit are summarized as follows: FALSE AND MISLEADING STATEMENTS
The PACS Group class action lawsuit alleges that defendants throughout the Class Period and in the IPO’s offering documents made false and/or misleading statements and/or failed to disclose that: (i) PACS Group engaged in a “scheme” to submit false Medicare claims which “drove more than 100% of PACS’ operating and net income from 2020-2023”; (ii) PACS Group engaged in a “scheme” to bill “thousands of unnecessary respiratory and sensory integration therapies to Medicare”; and (iii) PACS Group engaged in a scheme to falsify documentation related to licensure and staffing.
MEDICARE BILLING SCHEME
The PACS Group class action lawsuit further alleges that on November 4, 2024, Hindenburg Research published a report which alleged, among other things, that “PACS’ Growth From 2020 To 2023 Was Driven By A COVID-Era Medicare Billing Scheme That Drove More Than 100% Of PACS’ Operating And Net Income During The Period.” On this news, the price of PACS Group stock fell more than 27%, according to the complaint.
FEDERAL INVESTIGATION: THE TRUTH EMERGES
Then, on November 6, 2024, the PACS Group class action lawsuit further alleges that PACS Group announced that it would postpone its third quarter 2024 earnings release and further disclosed that PACS Group had “received civil investigative demands from the federal government regarding [PACS Group]’s reimbursement and referral practices that may or may not be related to this week’s third-party report.” On this news, the price of PACS Group stock fell by an additional 38.7%, according to the complaint.
THE LEAD PLAINTIFF DEADLINE IN THE PACS Group CLASS ACTION lawsuit
Lead plaintiff motions for the PACS Group class action lawsuit must be filed with the court no later thanJanuary 13, 2024. When a securities class action is filed such as the PACS Group class action lawsuit:
Anyone who wants to be lead plaintiff on behalf of the class must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.
You Have Two Choices If You Receive a Notice in the PACS Group Class Action Lawsuit
First, read the notice very carefully. You have two choices.
Second, if you believe you have a large enough loss to justify it, you can opt out of the PACS Group class action lawsuit and file your own separate lawsuit.
Note, that if you opt out, you will not be able to participate in any settlement or recovery obtained in the PACS Group class action lawsuit.
The Lead Plaintiff Process in the PACS Group Class Action Lawsuit
Provide input on any decision concerning the settlement of the securities class action.
Eligibility Criteria for Lead Plaintiff Appointment in the PACS Group Class Action Lawsuit
To be eligible for appointment as the lead plaintiff in the PACS Group class action lawsuit, an investor must meet the following criteria:
Securities Acquisition: The investor must have purchased or acquired PACS Group, Inc. (NYSE: PACS): (i) securities between April 11, 2024, and November 5, 2024, inclusive (the “Class Period”); and/or (ii) common stock pursuant and/or traceable to PACS Group’s registration statement issued in connection with PACS Group’s April 11, 2024 IPO.
Financial Losses: The investor must have suffered financial losses as a direct result of the alleged securities fraud perpetrated by PACS Group and its executives.
Typicality and Adequacy: The investor's legal claims must be typical of those asserted on behalf of the class, and they must demonstrate their ability to adequately represent the interests of the entire class through experience, resources, and the absence of conflicts of interest.
It is crucial to note that both domestic and international investors who meet these criteria are eligible to seek appointment as the lead plaintiff in the PACS Group class action lawsuit, as courts have consistently recognized the rights of non-U.S. investors in securities class actions.
NO COST TO HIRE A PACS Group STOCK LOSS LAWYER: CONTINGENCY FEE ARRANGEMENTS
If you suffered losses in PACS Group stock, call Timothy L. Miles today for a free case evaluation
Many securities litigation attorneys, including Timothy L. Miles, operate on a contingency fee basis, which means clients do not pay any upfront fees or costs. Instead, the attorney's fees and expenses are deducted from any settlement or judgment recovered on behalf of the class, typically as a court-approved percentage of the total recovery.
This arrangement ensures that investors can pursue their legal rights without bearing the financial burden of costly litigation, as the attorneys assume the risk and only receive compensation if they achieve a successful outcome for the class.
Resources for Investors in the PACS Group Class Action Lawsuit
CONTACT TIMOTHY L MILES TODAY ABOUT A PACS Group CLASS ACTION LAWSUIT
If you suffered losses in PACS Group stock, contact PACS Group stock loss lawyer Timothy L. Miles today for a free case evaluation about a PACS Group class action lawsuit. Call today and see what a PACS Group stock loss lawyer could do for you if you suffered losses in PACS Groupstock. This will most likely be the only call you need to make. (855) 846–6529 or [email protected].
FREE CASE EVALUATION: PACS GROUP CLASS ACTION LAWSUIT If you suffered losses in PACS Group stock, call PACS Group stock loss lawyer Timothy L. Miles today for a free case evaluation about a PACS Groupclass action lawsuit. 855-846-6528
Contact us today for a free case evaluation in the PACS Group class action lawsuit
If you suffered losses in PACS Group stock, call Timothy L. Miles today for a free case evaluation
