#United States #New York #Class Action #Levi & Korsinsky #ModivCare

Overview

In a recent announcement, Levi & Korsinsky, LLP has brought attention to investors of ModivCare Inc. regarding a pending class action securities lawsuit. This lawsuit is being initiated to recover losses endured by shareholders as a result of alleged securities fraud within a specified timeframe spanning from November 3, 2022, to September 15, 2024. The firm is urging affected investors to take action, as the deadline to appoint a lead plaintiff is set for March 31, 2025.

Details of the Class Action

The class action lawsuit aims to address the grievances of ModivCare’s investors who have suffered financial losses during the aforementioned period. The allegations point to misleading statements made by the company's management that may have obscured the truth regarding the company's operational health and liquidity. It is asserted that issues surrounding contracts tied to ModivCare’s Non-Emergency Medical Transportation (NEMT) segment led to a considerable decrease in free cash flow, ultimately impacting its adjusted EBITDA negatively.

The lawsuit claims that the defendants failed to disclose the troubling state of their contractual agreements, suggesting that these factors significantly contributed to cash flow issues and liquidity problems for the company. Consequently, the firm alleges that the optimistic portrayals of ModivCare’s performance were not only inaccurate but also materially misleading, lacking a reasonable basis in fact.

Next Steps for Investors

ModivCare investors who believe they may qualify for the class action are encouraged to step forward and request to be appointed as lead plaintiffs before the deadline. It is important to note that individuals who come forward do not need to serve as lead plaintiffs to be eligible for recovery. Those interested should make their submissions promptly, as being a part of the class may entitle them to compensation without any upfront costs or obligations.

Why Choose Levi & Korsinsky

Levi & Korsinsky, with two decades of experience in securities litigation, is well recognized in the field, having secured substantial settlements for shareholders in prior cases. The firm boasts a well-qualified team dedicated to advocating for investor rights, with an established record in navigating complex securities fraud cases. They have repeatedly been acknowledged as one of America’s leading firms in this space, according to ISS Securities Class Action Services.

Contact Information

Investors wishing to know more about the lawsuit or who are considering joining the action can reach out directly to Joseph E. Levi, Esq. at the firm. They can connect via email or phone for further assistance regarding their potential involvement in the case. Check out the official link provided for detailed guidance and submission forms.

For further inquiries regarding the lawsuit or specifics about the claims, potential class members are encouraged to contact Levi & Korsinsky:

• - Email: [email protected]
• - Phone: (212) 363-7500

Conclusion

The announcement from Levi & Korsinsky serves as an urgent reminder for ModivCare investors to act swiftly if they seek to reclaim losses due to the alleged fraudulent activities. With the deadline fast approaching, it is pivotal for constituents to grasp all relevant details and understand their rights as investors. This ongoing legal matter highlights the importance of transparency and accountability within corporate governance, standing as a crucial reminder for all stakeholders involved.

As the situation evolves, interested parties should stay updated and closely monitor further announcements from Levi & Korsinsky to ensure they receive information needed to make informed decisions regarding their investments.