NEW YORK, NY / ACCESSWIRE / November 11, 2024 / Levi & Korsinsky notifies investors that it has commenced an investigation of PACS Group, Inc. ("PACS Group, Inc.") (NYSE:PAC) concerning possible violations of federal securities laws.
On November 4, 2024, Hindenburg Research published a report detailing the results of a 5-month long investigation into PACS' self-proclaimed "turnaround." The report raised numerous concerns relating to "a series of fraudulent schemes and aggressive practices seemingly designed to siphon as much money as possible from taxpayer-funded government healthcare programs." The report specifically alleges that "the most aggressive of these practices was a management-driven, company-wide scheme to defraud Medicare through the COVID emergency" which "funded PACS' aggressive acquisition strategy throughout COVID and drove substantially all of its earnings from early 2020 to the end of 2023, giving investors the illusion of legitimate growth and profitability leading into its IPO." Following this news, PACS stock price fell by $11.93 per share to close at $31.01 per share.
On November 6, 2024, PACS responded to the Hindenburg report by "announc[ing] the postponement of the release of its third quarter 2024 financial results" along with a comprehensive internal investigation of the allegations, supported by the assistance of external counsel.
Following this news, PACS stock price fell by an additional $11.60 per share and is currently trading at $17.95 per share. To obtain additional information, go to:
https://zlk.com/pslra-1/pacs-group-inc-lawsuit-submission-form?prid=111390&wire=1
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212)363-7500.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected]
Tel: (212)363-7500
Fax: (212)363-7171
https://zlk.com/
SOURCE: Levi & Korsinsky, LLP