#United States #New York #Class Action #Securities Fraud #PACS Group

Important Update on PACS Group, Inc. Class Action Lawsuit

Levi & Korsinsky, LLP has officially reached out to investors associated with PACS Group, Inc. (NYSE: PACS) to inform them of a class action lawsuit. The firm is committed to protecting the interests of shareholders who may have incurred losses during a specified timeframe due to alleged fraudulent activities associated with the company.

Overview of Allegations

The core of the lawsuit revolves around claims that the PACS Group engaged in deceptive practices that caused substantial harm to its investors. The breach of trust reportedly stems from the company’s involvement in submitting false Medicare claims, which significantly inflated its income from 2020 to 2023. Specific allegations include:

1. False Medicare Claims: The company is accused of creating a scheme to file fraudulent Medicare claims, which reportedly generated over 100% of its operational and net income during the specified period.
2. Unnecessary Therapies Billing: Allegations include that PACS Group billed for thousands of unnecessary respiratory and sensory integration therapies to Medicare, thus misleading investors.
3. Falsified Documentation: The lawsuit claims the company falsified documentation to misrepresent staffing and licensure information.

Due to these alleged misconducts, a significant portion of PACS Group’s positive public statements regarding its operations and future prospects were deemed materially misleading, leaving many investors unaware of the true nature of their investments.

Class Action Details

The class action suit identifies individuals and entities that purchased PACS Group's common stock linked to its April 11, 2024 initial public offering or who acquired securities in the period between April 11, 2024, and November 5, 2024. Investors who believe they have been affected are encouraged to participate in seeking justice.

Key Dates

Affected individuals have until January 13, 2025, to request to be appointed as lead plaintiffs in this case. Those who may not wish to serve as lead plaintiffs can still share in any recovery without bearing out-of-pocket expenses related to the case.

How to Participate

Investors interested in more details or wishing to join the class action can reach out directly to Levi & Korsinsky. The dedicated team is prepared to answer questions regarding the proceedings and the implications for shareholders. You may contact Joseph E. Levi, Esq. via email at [email protected] or call at (212) 363-7500.

Firm's Track Record

Levi & Korsinsky has a robust history of representing investors in securities litigation, having secured hundreds of millions of dollars for shareholders. With over 20 years of experience, the firm boasts a team of more than 70 legal professionals, ensuring ample support for investors navigating complex legal challenges. They have consistently ranked among the top securities litigation firms in the United States, according to ISS Securities Class Action Services’ report.

Conclusion

The ongoing situation with PACS Group serves as a concerning reminder of the vulnerabilities investors face. As this class action lawsuit unfolds, affected shareholders are urged to act promptly and potentially recover losses stemming from alleged fraudulent activities tied to their investments in PACS Group, Inc. For additional information and to understand your rights as an investor, visit Levi & Korsinsky website.