Scott+Scott Attorneys at Law LLP warns investors that against PACS Group, Inc. (PACS) Class Action Filed for Investing.com Securities
The deadline for the chief prosecutor is January 13, 2025
New York, New York–(Newsfile Corp. – January 02, 2025) – Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer litigation firm, is notifying investors that the deadline to move the lead plaintiff in the securities class action against PACS Group, Inc. (NYSE: PACS) (“PACS” or the “Company”) and certain other defendants (collectively, the “Defendants”) is on January 13, 2025.
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The complaint, which was filed in the U.S. District Court for the Southern District of New York, asserts claims under §§11, 12(a)(2) and 15 of the Securities Act (“Securities Act”) and under §§10( b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) on behalf of a class consisting of all persons who purchased or otherwise acquired PACS securities between April 11, 2024 and November 5, 2024, inclusive (the “Class Period”), and common shares pursuant to, or traceable to, or both of, PACS’s September 2024 secondary public offerings and impaired thereby (the “Class “).
According to the complaint, during the Teaching Period, the defendants made materially false and/or misleading statements, and failed to disclose materially negative facts about the Company’s operations and prospects. Specifically, the defendants failed to disclose to investors that, among other things: (1) the company inflated its Medicare revenues by misclassifying patients and (2) falsely billed for unnecessary treatments and services that were never provided to patients.
When the truth came out, according to the complaint, PACS’s stock price fell $11.93 per share, or more than 27%, to $31.01 per share on Nov. 4, 2024, hurting investors.
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Deadline for the chief prosecutor
The deadline for the lead plaintiff in this lawsuit is January 13, 2025. Any member of the proposed class may request to serve as lead prosecutor through an attorney of his or her choosing, or may choose to do nothing and remain a member of the proposed class.
If you purchased PACS securities during the Class Period and have suffered damages, realized or unrealized, you are encouraged to contact Scott+Scott attorney Nicholas Bruno at (888) 398-9312 or nbruno@scott-scott.com for more information.
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About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience prosecuting major securities, antitrust and employee pension plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California and Ohio.
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To view the original version of this press release, please visit https://www.newsfilecorp.com/release/235603
