SAN FRANCISCO, Nov. 04, 2024 (GLOBE NEWSWIRE) — PACS Group, Inc. (NYSE: PACS) experienced a significant decline in its share price on November 4, 2024, following the publication of an explosive short report by activist short seller Hindenburg Research. The report, titled “PACS Group: How To Become A Billionaire In The Skilled Nursing Industry By Systematically Scamming Taxpayers,” accused the company of engaging in fraudulent practices.
Hagens Berman has begun an investigation into the matter and urges investors in PACS Group who suffered substantial losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/pacs
Contact the Firm Now: PACS@hbsslaw.com
844-916-0895
Investigation Into PACS Group (PACS):
Hindenburg’s report, which was the product of an investigation that spanned five months and involved interviews with numerous former employees and competitors, concluded that PACS’s business model relies heavily on exploiting taxpayer-funded healthcare programs. The famed analyst alleges that the company:
- Abused a COVID-era waiver to inappropriately access Medicare benefits for thousands of patients.
- Falsified patient records to inflate revenue and earnings.
- Engaged in fraudulent licensing practices to circumvent regulatory oversight.
On the news of the Hindenburg report, the price of PACS Group shares plunged $11.93, or over 27% lower.
In response to the allegations, law firm Hagens Berman has initiated an investigation into PACS Group’s business practices and disclosures. The firm is seeking to represent investors who may have suffered significant losses due to the company’s alleged misconduct.
“We’re focused on whether PACS may have misled investors and regulators about its business practices and purported value-creation strategies,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in PACS Group or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the PACS investigation, read more »
Whistleblowers: Persons with non-public information regarding PACS Group should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email PACS@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
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