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PACS purports to be a post-acute healthcare company primarily focused on delivering high-quality skilled nursing care through a portfolio of independently operated facilities.

On November 4, 2024 Hindenburg Research published a report entitled, “PACS Group: How To Become A Billionaire In The Skilled Nursing Industry By Systematically Scamming Taxpayers” (the “Hindenburg Report”).  The Hindenburg Report, which was the product of an investigation that spanned five months and involved interviews with numerous former employees, alleges PACS’ “turnaround” formula for transforming poorly performing skilled nursing facilities “largely boils down to systematically scamming taxpayer-funded healthcare programs” and that “PACS abused a COVID-era waiver, inappropriately accessing skilled care Medicare benefits for thousands of patients across its national portfolio of facilities.”  The Hindenburg Report further alleges that “the 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, the price of PACS stock fell $11.93 per share, nearly 28%, to close at $31.01 per share on November 4, 2024.  Subsequently, the stock price has continued to plummet, closing at $18.09 on November 6, 2024, representing a decline of over 57% since the Hindenburg Report was published.

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If you have any questions about this investigation, please contact:

Pamela A. Mayer

KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003

pmayer@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com