#United States #New York #Levi & Korsinsky #Securities Fraud #PACS Group

Overview of the Class Action Lawsuit Against PACS Group, Inc.

Levi & Korsinsky, LLP, a notable law firm known for representing investors, has initiated a class action lawsuit aimed at protecting the interests of shareholders from PACS Group, Inc. (NYSE: PACS). This legal move follows serious allegations against the company that surfaced after its initial public offering (IPO) in April 2024. With accusations that PACS Group has engaged in deliberate securities fraud, the lawsuit aims to recover losses incurred by the affected shareholders.

Class Definition

The filed suit is on behalf of all individuals and entities who either purchased or acquired PACS Group stock between the time of their IPO on April 11, 2024, and November 5, 2024. This period is critical as it encapsulates the alleged timeframe during which the company engaged in deceitful practices that significantly misrepresented its business health and operations.

Allegations Against PACS Group

The crux of the allegations includes several serious accusations:
1. False Medicare Claims: It's alleged that PACS Group orchestrated a scheme to submit fraudulent Medicare claims. This malpractice purportedly accounted for over 100% of the company's operating and net income from 2020 to 2023.
2. Billing for Unnecessary Therapies: The lawsuit claims that PACS Group billed Medicare for thousands of unnecessary respiratory and sensory integration therapies, thereby inflating its revenue under dubious circumstances.
3. Falsification of Documents: The complaint states that PACS Group allegedly falsified documentation related to its operational licensure and staffing, further misleading its investors.
4. Misleading Positive Statements: As a result of the aforementioned issues, positive statements made by PACS Group regarding its business operations and future prospects were fundamentally misleading, lacking a factual basis.

What’s Next for Affected Investors?

Investors who experienced financial loss during the specified period have a vital deadline of January 13, 2025, to request that the court appoint them as lead plaintiff. It’s essential to note that participation in the lawsuit does not necessitate serving as the lead plaintiff to be eligible for potential recovery.

No Costs to Participate

For class members, participation in this lawsuit entails no payment of out-of-pocket costs or legal fees, emphasizing that financial recovery is available without any financial burden.

Why Choose Levi & Korsinsky?

Levi & Korsinsky has established a reputable legacy over the past two decades, securing significant settlements for aggrieved investors. With an experienced team specializing in complex securities litigation, the firm has repeatedly ranked among the top securities litigation firms in the United States, ensuring thorough representation for their clients.

If you believe your investments were affected by these actions, you are encouraged to reach out to Levi & Korsinsky for guidance. They are dedicated to pursuing justice for shareholders and restoring the integrity of the investment community. For more details and to get in touch with their team, interested parties can visit Levi & Korsinsky's website or reach out directly using the contact information provided.