The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of PACS Group, Inc. who purchased (a) common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s April 11, 2024 initial public offering; and/or (b) securities between April 11, 2024 and November 5, 2024 inclusive..
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the Company engaged in a “scheme” to submit false Medicare claims which “drove more than 100% of PACS’ operating and net income from 2020 – 2023”; (2) the Company engaged in a “scheme” to “bill thousands of unnecessary respiratory and sensory integration therapies to Medicare”; (3) the Company engaged in a scheme to falsify documentation related to licensure and staffing; and (4) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 13, 2025 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
