#United States #New York #Class Action #Levi & Korsinsky #PACS Group

Class Action Alert: PACS Group, Inc.

In a notable development in the world of securities litigation, investors of PACS Group, Inc. have been notified by Levi & Korsinsky LLP regarding a class action lawsuit aimed at recovering losses from alleged securities fraud. This announcement comes after concerns were raised over the company’s business practices, particularly regarding Medicare claims.

Details of the Class Action Suit

The lawsuit pertains to individuals and entities that acquired PACS Group's common stock connected to its initial public offering on April 11, 2024, and those who bought securities between April 11, 2024, and November 5, 2024. The claims allege that the company participated in deceptive practices that misled investors about its financial health and business operations.

Allegations Against PACS Group

Among the key allegations are:
1. False Medicare Claims: The lawsuit asserts that PACS was engaged in a scheme that involved submitting fraudulent Medicare claims, which allegedly contributed over 100% to its operating and net income from 2020 to 2023.
2. Unnecessary Therapies: The complaint further accuses the company of billing for numerous unnecessary respiratory and sensory integration therapies, significantly inflating their income.
3. Manipulated Records: PACS is also accused of falsifying documentation regarding staff and licensing requirements, which underpinned its business practices.
4. Misleading Information: As a result of these actions, the positive claims made by the company's executives regarding PACS’s growth and prospects were allegedly misleading, leaving investors with a false sense of security about their investments.

What Investors Should Know

For those who suffered losses during the specified period, the deadline to request appointment as lead plaintiff is January 13, 2025. It's crucial for affected investors to act swiftly to ensure their voices are heard in the proceedings. However, it's worth noting that being a lead plaintiff is not a prerequisite for claiming potential recovery in this case.

Zero Cost to Participate

Importantly, class members are entitled to seek compensation without incurring any out-of-pocket expenses. Levi & Korsinsky stresses that there are no fees or obligations for investors wishing to participate in the lawsuit, ensuring that financial constraints do not hinder justice for affected parties.

Levi & Korsinsky’s Track Record

Backed by an impressive history of securing hundreds of millions in settlements for aggrieved shareholders, Levi & Korsinsky has established itself as a leading firm in complex securities litigation. With over 70 professionals committed to serving their clients, the firm has been recognized in the ISS Securities Class Action Services' Top 50 Report for seven consecutive years. Their extensive experience may provide a significant advantage for PACS investors navigating the legal landscape.

Next Steps for Investors

Investors who believe they have been impacted by PACS Group’s alleged fraudulent activities should consider reaching out to Levi & Korsinsky for guidance. Interested parties can contact attorney Joseph E. Levi via email or phone to discuss their eligibility for the class action suit. More detailed information is also available at Levi & Korsinsky.

This class action case highlights the ongoing accountability demanded from publicly traded companies and their executives. PACS Group investors are urged to stay informed and proactive as the situation unfolds.

Contact Information

For further inquiries or to learn more about being part of this case, interested investors can contact:

• - Joseph E. Levi, Esq.
• - Ed Korsinsky, Esq.
• - Address: 33 Whitehall Street, 17th Floor, New York, NY 10004
• - Phone: (212) 363-7500
• - Email: [email protected]

This is an essential opportunity for PACS investors to potentially reclaim losses and hold the company accountable for its actions.