PACS Group, Inc.
Case Overview
Status: | Status: Investigating |
Company Name: | Company Name: PACS Group, Inc. |
Ticker: | Ticker: PACS |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP is investigating potential claims against PACS Group, Inc. (“PACS” or the “Company”) (NYSE: PACS). The investigation concerns whether PACS and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
On November 4, 2024, Hindenburg Research issued a report questioning PACS claims to have discovered a winning turnaround formula for transforming poor performing skilled nursing facilities into “cash spigots”. The report revealed that PACS’ turnaround strategy boils down to “systematically scamming taxpayer-funded healthcare program,” including billing for services and procedures that were not needed and/or rendered. On this news, the price of PACS shares declined by $11.93 per share, or approximately 28%, from $42.94 per share on November 1, 2024, to close at $31.01 on November 4, 2024.
On November 4, 2024, Hindenburg Research issued a report questioning PACS claims to have discovered a winning turnaround formula for transforming poor performing skilled nursing facilities into “cash spigots”. The report revealed that PACS’ turnaround strategy boils down to “systematically scamming taxpayer-funded healthcare program,” including billing for services and procedures that were not needed and/or rendered. On this news, the price of PACS shares declined by $11.93 per share, or approximately 28%, from $42.94 per share on November 1, 2024, to close at $31.01 on November 4, 2024.