1. PACS faces class action lawsuits for failing to disclose material information. 2. Share price dropped 38.76% after federal investigation announcement. 3. Investors have until January 13, 2025, to file lead plaintiff applications.
The substantial drop in stock price indicates severe investor concern. Similar previous cases have led to prolonged price stagnation or further declines.
The article discusses critical legal issues impacting PACS, likely resulting in investor reaction. Legal troubles often significantly affect stock performance.
Immediate legal concerns and investor reactions likely to affect PACS price soon. Historical precedents show quick impact post-investigation news.
/PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until January 13, 2025 to file lead plaintiff applications in securities class action lawsuits against 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"). These actions are pending in the United States District Court Southern District of New York.
PACS investors should visit us at https://claimsfiler.com/cases/nyse-pacs/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
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.
The first-filed case is Manchin v. PACS Group, Inc., et al., No. 24-cv-8636. A second case, New Orleans Employees' Retirement System v. PACS Group, Inc., et al., 24-cv-8882, extended the Class Definition.
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
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