PACS Group, Inc. Investors Eligible to Lead Class Action Lawsuit for Substantial Losses

Hey there, if you are an investor with PACS Group, Inc. (NYSE: PACS), listen up! Between April 11, 2024, and November 5, 2024, if you acquired securities during this time or purchased common stock related to PACS Group’s IPO on April 11, 2024, you might have a chance to lead a class-action lawsuit. The lawsuit titled Manchin v. PACS Group, Inc., No. 24-cv-08636 (S.D.N.Y.), alleges violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934 against certain top executives, directors, and underwriters of the IPO.

If you want to be a lead plaintiff in this case and have suffered substantial losses, you have until January 13, 2025, to take action. You can provide your information here: [https://www.rgrdlaw.com/cases-pacs-group-inc-class-action-lawsuit-pacs.html]. You can also reach out to attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].

Here’s a quick rundown of the situation: PACS Group operates skilled nursing and assisted living facilities in the U.S. During its IPO on April 11, 2024, they issued about 21.4 million shares of common stock to the public at $21.00 per share, raising around $450 million.

The allegations against PACS Group include claims that they engaged in a scheme to submit false Medicare claims, billed unnecessary therapies to Medicare, and falsified documentation related to licensure and staffing. The trouble began when Hindenburg Research published a report on November 4, 2024, highlighting these issues, causing PACS Group’s stock to drop by more than 27%.

Things took a turn for the worse on November 6, 2024, when PACS Group announced the postponement of its third-quarter earnings release due to civil investigative demands from the federal government related to reimbursement and referral practices. As a result, the stock price fell by an additional 38.7%.

If you’re in a position to be lead plaintiff and meet the criteria, you could act on behalf of all affected investors in the PACS Group class-action lawsuit. The lead plaintiff represents the best interests of the entire class, so if you think you’re the right person for the job, don’t hesitate to step up.