Investigations
PACS Group, Inc.
Overview
Overview
- Deadline:
- Upcoming
| Company Name: | Company Name: PACS Group, Inc. |
| Stock Symbol: | Stock Symbol: PACS |
PACS Group Inc. (NYSE: PACS): PACS is being investigated for violations of the federal securities laws in connection with potential false and misleading statements made to investors and a subsequent significant price decline in the stock.
If you incurred losses on your investments in PACS, you are encouraged to submit your information.
Why is PACS being Investigated?
PACS is one of the largest operators of skilled nursing facilities in the United States. PACS has repeatedly represented to shareholders that it possesses a winning “turnaround” strategy to make its nursing facilities profitable.
On November 4, 2024, prominent investment research firm Hindenburg Research published a report titled: “PACS Group: How to Become A Billionaire In The Skilled Nursing Industry By Systematically Scamming Taxpayers.” After a 5-month investigation that included interviews with 18 former PACS employees, competitors, and an analysis of more than 900 PACS facility cost reports, Hindenburg alleged that “PACS abused a COVID-era waiver, inappropriately accessing skilled care Medicare benefits for thousands of patients across its national portfolio of facilities.” Hindenburg further estimated that “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.”
The Stock Declines as the Truth is Revealed
The news caused a significant decline in the price of PACS stock. On November 4, 2024, the price of the company’s stock fell 27.8%, from a closing price of $42.94 per share on November 1, 2024, to $31.01 per share on November 4, 2024.
What are my Rights?
If you incurred losses on your investments in PACS, you are encouraged to submit your information to speak with an attorney about your rights.
You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The Firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.
If you incurred losses on your investments in PACS, you are encouraged to submit your information.
Why is PACS being Investigated?
PACS is one of the largest operators of skilled nursing facilities in the United States. PACS has repeatedly represented to shareholders that it possesses a winning “turnaround” strategy to make its nursing facilities profitable.
On November 4, 2024, prominent investment research firm Hindenburg Research published a report titled: “PACS Group: How to Become A Billionaire In The Skilled Nursing Industry By Systematically Scamming Taxpayers.” After a 5-month investigation that included interviews with 18 former PACS employees, competitors, and an analysis of more than 900 PACS facility cost reports, Hindenburg alleged that “PACS abused a COVID-era waiver, inappropriately accessing skilled care Medicare benefits for thousands of patients across its national portfolio of facilities.” Hindenburg further estimated that “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.”
The Stock Declines as the Truth is Revealed
The news caused a significant decline in the price of PACS stock. On November 4, 2024, the price of the company’s stock fell 27.8%, from a closing price of $42.94 per share on November 1, 2024, to $31.01 per share on November 4, 2024.
What are my Rights?
If you incurred losses on your investments in PACS, you are encouraged to submit your information to speak with an attorney about your rights.
You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The Firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.