PACS Group (PACS) Fraudulent Medicare Claims Case

S.D. New York

Court

1:24-cv-08636

Case number

04/11/2024

Class period Start

11/05/2024

Class period End

01/13/2025

Lead Plaintiff motion deadline

$PACS investors filed a claim against PACS Group, accusing it of engaging in fraudulent schemes to boost financial performance.
After a report from Hindenburg Research and disclosures of a federal investigation, $PACS dropped by over 66% in early November 2024.
$PACS investors can join this case to be notified about potential recovery.
Case Details:

On April 11, 2024, PACS Group held its IPO, raising $450 million. The company promoted itself as a profitable operator of senior care facilities.

Then, on November 4, 2024, Hindenburg Research published an extensive report revealing that PACS allegedly used fraudulent practices, including submitting false Medicare claims and falsifying staff documentation.

Additionally, PACS was accused of manipulating licensure data, using unqualified staff, and retroactively altering records to meet regulatory standards.

On November 6, 2024, PACS postponed its earnings release and revealed a federal investigation into its practices.

Based on these events, $PACS stockholders filed a claim against PACS Group, accusing it of the following:
It engaged in fraudulent schemes to inflate Medicare claims and income.
It falsified licensure and staffing records to deceive regulators and investors.
It misled investors about the company’s financial health and compliance with regulations.
Investors believe PACS misled them by concealing critical risks and failing to disclose ongoing regulatory violations.

Case Status

Lead Plaintiff Submission

Alleged Offence

Fraud,

Malpractice

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

11/06/2024

Filing date

11/13/2024

Lead Plaintiff Deadline

01/13/2025

PACS Group (PACS) Fraudulent Medicare Claims Case

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