| COMPANY |
PACS Group, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
24-cv-08636 |
| JUDGE |
The Hon. Lewis Jeffrey Liman |
| CLASS PERIOD |
1) common stock pursuant and/or traceable to PACS’ April 11, 2024 IPO; and/or 2) securities between April 11, 2024 through November 5, 2024 |
| SECURITY TYPE |
Common Stock and Securities |
Case Background:
On April 11, 2024, PACS conducted its IPO, selling 21,428,572 shares of common stock at a price of $21.00 per share, receiving net proceeds of approximately $450 million.
The complaint alleges that, in the Registration Statement and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) PACS 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) PACS 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.
Current Status of Case:
On February 11, 2025, the Court appointed Lead Plaintiff. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.