The prospectus PACS Group Inc. filed with the Securities and Exchange Commission in relation to its initial public offering included multiple fraudulent statements, an investor alleged in a class action suit filed in federal court.
PACS Group operates senior care, skilled nursing, and assisted living facilities in the US. In April 2024, its IPO sold stock at $21 per share and generated $450 million in revenue, the complaint filed Wednesday in the US District Court for the Southern District of New York says.
But on Nov. 4, investment research firm Hindenburg Research published a report critical of the IPO, the ...
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