Faruqi & Faruqi, LLP Securities Litigation Companion James (Josh) Wilson Encourages Buyers Who Suffered Losses Exceeding $50,000 In PACS Group To Contact Him Instantly To Talk about Their Choices
When you suffered losses exceeding $50,000 in PACS Group between (a) widespread inventory pursuant and/or traceable to the registration assertion and prospectus (collectively, the “Registration Statement”) issued in reference to the Firm’s April 11, 2024 preliminary public providing (“IPO” or the “Offering”); and/or (b) all individuals and entities that bought or in any other case acquired PACS widespread inventory pursuant, or traceable, or each, to the SPO Supplies (as outlined herein) issued in reference to PACS’ September 2024 secondary public providing (the “SPO”); and/or (c) securities between April 11, 2024 and November 5, 2024 inclusive (the “Class Period”) and want to talk about your authorized rights, name Faruqi & Faruqi accomplice Josh Wilson instantly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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Faruqi & Faruqi is a number one nationwide securities legislation agency with workplaces in New York, Pennsylvania, California and Georgia. The agency has recovered tons of of thousands and thousands of {dollars} for buyers since its founding in 1995. See www.faruqilaw.com.
As detailed under, the criticism alleges that the Firm and its executives violated federal securities legal guidelines by making false and/or deceptive statements and/or failing to reveal that: (1) that the Firm engaged in a “scheme” to submit false Medicare claims which “drove more than 100% of PACS’ operating and net income from 2020 – 2023”; (2) that the Firm engaged in a “scheme” to “bill thousands of unnecessary respiratory and sensory integration therapies to Medicare”; (3) that the Firm engaged in a scheme to falsify documentation associated to licensure and staffing; and (4) that, on account of the foregoing, Defendants’ constructive statements in regards to the Firm’s enterprise, operations, and prospects have been materially deceptive and/or lacked an affordable foundation.
On April 11, 2024, PACS Group carried out its IPO, promoting 21,428,572 shares of widespread inventory at a worth of $21.00 per share, acquired internet proceeds of roughly $450 million.
On September 3, 2024, PACS filed with the SEC a registration assertion for a secondary providing on Kind S-1 (the “SPO Registration Statement”). On September 6, 2024, PACS filed with the SEC a prospectus for the SPO on Kind 424B4, which fashioned a part of the SPO Registration Assertion (the “SPO Prospectus” and along with the SPO Registration Assertion and attendant supplies filed or revealed with these varieties, the “SPO Materials.” PACS issued 2,777,778 shares of widespread inventory at $36.25 per share for proceeds of $100.7 million to the Firm. By means of the SPO, PACS insiders additionally offered 16,256,704 shares of widespread inventory at $36.25 per share for proceeds of $589.3 million.
On November 4, 2024, Hindenburg Analysis revealed a report based mostly on a 5-month investigation that included interviews with 18 former PACS Group staff, rivals, and an evaluation of greater than 900 PACS facility value experiences. The report alleged the Firm had “abused a COVID-era waiver” in a “scheme” that concerned falsely submitting false Medicare claims which “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 report additional alleged the Firm engaged in a scheme to take care of income by “bill[ing] thousands of unnecessary respiratory and sensory integration therapies to Medicare Part B regardless of clinical need or outcomes.” The report additionally alleged a widespread apply of falsifying documentation, together with by participating in a “scheme whereby PACS attempts to fool regulators by ‘renting’ licenses from third parties to ‘hang’ on buildings” after which “either employs unlicensed administrators or has administrators manage multiple buildings in excess of state mandated limits.” Equally, the report alleges the Firm engaged in a scheme associated to licensure and staffing of nurses, whereby “PACS secretly lists uncertified nurse aides (NAs) as certified in the system, in an apparent scheme to cheat staffing ratios” and “retroactively add fake RN hours” so as “to meet minimum staffing requirements, boost star ratings, and avoid costly penalties.”
Then, on November 6, 2024, earlier than the market opened, the Firm introduced that it will postpone its fiscal third quarter 2024 earnings launch. The Firm additional disclosed it had “received civil investigative demands from the federal government regarding the Company’s reimbursement and referral practices that may or may not be related to this week’s third-party report.”
The court-appointed lead plaintiff is the investor with the most important monetary curiosity within the aid sought by the category who’s sufficient and typical of sophistication members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class could transfer the Court docket to function lead plaintiff by counsel of their alternative, or could select to do nothing and stay an absent class member. Your capability to share in any restoration will not be affected by the choice to function a lead plaintiff or not.
Faruqi & Faruqi, LLP additionally encourages anybody with info concerning PACS Group’s conduct to contact the agency, together with whistleblowers, former staff, shareholders and others.
Lawyer Promoting. The legislation agency chargeable for this commercial is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior outcomes don’t assure or predict an identical end result with respect to any future matter. We welcome the chance to debate your explicit case. All communications shall be handled in a confidential method.
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