Cases & Investigations
PACS Group, Inc.
Type: Investigations
Stock Symbol: NYSE: PACS
Wolf Popper LLP is investigating potential claims on behalf of purchasers of PACS Group, Inc. (“PACS”) common stock (NYSE: PACS).
PACS operates skilled nursing and assisted living facilities. PACS had its IPO April 10, 2024 and sold 24.6 million shares at $21.00 per share. On September 5, 2024, PACS and its two co-founders sold 19.0 million shares at $36.25 per share in a secondary equity offering.
During the trading day on November 4, 2024, Hindenburg Research issued a report entitled PACS Group: How To Become A Billionaire In The Skilled Nursing Industry By Systematically Scamming Taxpayers. For its report, Hindenburg interviewed 18 former employees, competitors and analyzed over 900 facility-level cost reports. Hindenburg alleges “PACS abused a COVID-era waiver, inappropriately accessing skilled care Medicare benefits for thousands of patients across its national portfolio of facilities” and Hindenburg estimated “the scheme drove more than 100% of PACS’ operating and net income from 2020 – 2023, enabling PACS to IPO in early 2024 with the illusion of legitimate growth and profitability.” PACS’ intraday stock price fell $12.07 per share to $30.89, down 28.1% on heavy volume
Investors who lost over $25,000 trading in PACS common stock and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or asavett@wolfpopper.com.
PACS operates skilled nursing and assisted living facilities. PACS had its IPO April 10, 2024 and sold 24.6 million shares at $21.00 per share. On September 5, 2024, PACS and its two co-founders sold 19.0 million shares at $36.25 per share in a secondary equity offering.
During the trading day on November 4, 2024, Hindenburg Research issued a report entitled PACS Group: How To Become A Billionaire In The Skilled Nursing Industry By Systematically Scamming Taxpayers. For its report, Hindenburg interviewed 18 former employees, competitors and analyzed over 900 facility-level cost reports. Hindenburg alleges “PACS abused a COVID-era waiver, inappropriately accessing skilled care Medicare benefits for thousands of patients across its national portfolio of facilities” and Hindenburg estimated “the scheme drove more than 100% of PACS’ operating and net income from 2020 – 2023, enabling PACS to IPO in early 2024 with the illusion of legitimate growth and profitability.” PACS’ intraday stock price fell $12.07 per share to $30.89, down 28.1% on heavy volume
Investors who lost over $25,000 trading in PACS common stock and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or asavett@wolfpopper.com.
Contact Instructions
- Phone: Adam Savett - (212) 451-9655
- Email: outreach@wolfpopper.com
Wolf Popper LLP Announces Investigation on Behalf of
PACS Group, Inc. Investors
Case Update | 11/4/2024