Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of PACS Group, Inc. (NYSE: PACS), if they purchased or otherwise acquired the Company’s a) securities between April 11, 2024 and November 5, 2024 inclusive (the “Class Period”), and/or b) shares pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s April 2024 initial public offering (“IPO”), and/or the Company’s September 2024 secondary public offering (“SPO”).
PACS and certain of its executives are charged with failing to disclose material information in the Registration Statement and during the Class Period, violating federal securities laws.
On November 6, 2024, pre-market, the Company disclosed that it had “received civil investigative demands from the federal government regarding the Company’s reimbursement and referral practices that may or may not be related to this week’s third-party report” and that it would postpone filing its 3Q 2024 earnings release. On this news, the price of PACS’ shares fell $11.45 or 38.76%, to close at $18.09 per share on November 6, 2024, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 13, 2025 to request that the court appoint them lead plaintiff.