PACS Group Stock Drop Lawsuit Investigation (2024)

We are investigating whether PACS Group (NYSE: PACS) misled or provided false statements to investors in violation of federal securities laws. This potential lawsuit seeks to help PACS Group shareholders recover their losses. 

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Why is PACS Group (NYSE: PACS) Stock Dropping?

On November 6, 2024, PACS Group disclosed that it would delay the release of its 2024 Q3 earnings results amidst a government investigation into its reimbursement and referral practices.  

This announcement followed a Hindenburg Research report published on November 4, 2024, alleging that PACS Group employed a “turnaround” strategy of “transforming poorly performing skilled nursing facilities into cash spigots” by “systematically scamming taxpayer-funded healthcare programs.” The report further claims that PACS Group tried to return to COVID-level profitability “by billing thousands of unnecessary respiratory and sensory integration therapies to Medicare Part B regardless of clinical need or outcomes.” Hindenburg Research estimates that this scheme “drove more than 100% of PACS’ operating and net income from 2020 – 2023, enabling PACS to IPO in early 2024 with the illusion of legitimate growth and profitability.” 

Following this news, shares of PACS Group plummeted over 42% in intraday trading on November 6, 2024, causing significant harm to investors.  

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Our Securities Lawyers Have a Winning Record Against Companies Like PACS Group

Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.

You “shouldn’t presume that powerful banks and other powerful interests can just get away with doing bad things. Good, qualified counsel that are committed to a cause can usually figure out how to prosecute such cases effectively and prevail.”

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Gibbs Law Group's Financial Fraud Experience

Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.

We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).
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