Scott+Scott Attorneys at Law LLP Highlights that a Securities Class Action Has Been Filed Against PACS Group, Inc. (PACS)

New York, New York--(Newsfile Corp. - January 11, 2025) - Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, notifies investors that the deadline to move for lead plaintiff in a securities class action lawsuit against PACS Group, Inc. (NYSE: PACS) ("PACS" or the "Company") and certain other defendants (collectively, "Defendants") is January 13, 2025.

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The action, which was filed in the U.S. District Court for the Southern District of New York, asserts claims under §§11, 12(a)(2), and 15 of the Securities Act (the "Securities Act") and under §§10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") on behalf of a Class consisting of all persons who purchased or otherwise acquired PACS securities between April 11, 2024, and November 5, 2024, inclusive (the "Class Period"), and common stock pursuant, or traceable, or both, to PACS's September 2024 secondary public offering and who were damaged thereby (the "Class").

According to the Complaint, during the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company's business operations, and prospects. Specifically, Defendants failed to disclose to investors that, among other things: (1) the Company inflated its Medicare revenues by misclassifying patients, and (2) fraudulently billed for unnecessary treatments and services never provided to patients.

When the truth emerged, according to the Complaint, PACS's share price fell $11.93 per share, or more than 27%, to close at $31.01 per share on November 4, 2024, thereby injuring investors.

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Lead Plaintiff Deadline

The Lead Plaintiff deadline in this action is January 13, 2025. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

If you purchased PACS securities during the Class Period, and suffered damages, realized or unrealized, you are encouraged to contact Scott+Scott attorney Nicholas Bruno at (888) 398-9312, or [email protected], for more information.

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About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235614