Law Firm Grabar is investigating the claims on your behalf as the class action has been certified by Investing.com
Philadelphia, Pennsylvania–(Newsfile Corp. – January 10, 2025) – If you have shares of InnovAge Holding Corp. (NASDAQ: INNV) on or before May 11, 2021 and would like to learn more about the investigation, your rights and refund options, please visit https://grabarlaw.com/the-latest/innovage-shareholder-investigation/ contact Joshua Grabar at jgrabar@grabarlaw.com or call us at 267-507-6085.
WHY: The claims made in the securities fraud lawsuit against InnovAge survived a motion to dismiss and the case was certified as a class action.
As reported, on March 4, 2021, InnovAge went public as some of its officers and directors boasted that the healthcare provider’s meteoric growth over the past four years was the result of a business model that provides comprehensive care for the most frail elderly in the United States. InnovAge claimed to have created a “virtuous cycle” of continuous growth like a flywheel in a largely untapped $200 billion healthcare market. But in just eight months, government audits and investigative reporting revealed that InnovAge’s growth was not due to its services for seniors, but to their detriment.
Instead of disclosing that the company’s care delivery model had failed, InnovAge and the defendants told investors that they not only “consistently deliver[ing] high-quality care,” but also that the model could be easily and successfully scaled for continued growth. At the same time, defendants Hewitt and Gutierrez cashed in approximately $42 million in stock options and other compensation.
A federal court has now found that numerous claims in the underlying securities fraud lawsuit are actionable and has also certified the case as a class action.
WHAT YOU CAN DO: If you have continuously held InnovAge stock on or before May 11, 2021, you can seek corporate reforms, a return of funds back to the company’s coffers, and a court-approved incentive award at no cost.
If you want to learn more about this matter without any cost, please visit https://grabarlaw.com/the-latest/innovage-shareholder-investigation/ or contact Joshua H. Grabar at jgrabar@grabarlaw.com or Mia R. Heller at mheller@grabarlaw.com or call 267-507-6085.
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