A lawsuit was filed on behalf of investors in InnovAge Holding Corp. (NASDAQ: INNV) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 10/25/2021 -- An investor, who purchased shares of InnovAge Holding Corp. (NASDAQ: INNV), filed a lawsuit over alleged violations of Federal Securities Laws by InnovAge Holding Corp. in connection with the Company's March 2021 initial public offering ("IPO").
Investors who purchased shares of InnovAge Holding Corp. (NASDAQ: INNV) have certain options and for certain investors are short and strict deadlines running. Deadline: December 12, 2021. NASDAQ: INNV investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Denver, CO based InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities.
On September 21, 2021, InnovAge Holding Corp revealed that the Centers for Medicare and Medicaid Services ("CMS") had "determined to freeze new enrollments at [the Company's] Sacramento center based on deficiencies detected in [a recent] audit." InnovAge Holding Corp stated that these "deficiencies relate to failures to provide covered services, provide accessible and adequate services, manage participants' medical situations, and oversee use of specialists, among others."
Shares of InnovAge Holding Corp. (NASDAQ: INNV) declined from $13.07 per share on September 21, 2021, to $6.45 per share on September 29, 2021.
The plaintiff claims that the Defendants failed to disclose to investors that certain of InnovAge's facilities failed to provide covered services, provide accessible and adequate services, manage participants' medical situations, and oversee use of specialists, that, as a result, the Company was reasonably likely to be subject to regulatory scrutiny, including by the Centers for Medicare and Medicaid Services, that, as a result, there as a significant risk that CMS would suspend new enrollments pending an audit of the Company's services, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of InnovAge Holding Corp. (NASDAQ: INNV) have certain options and should contact the Shareholders Foundation.
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