Bragar Eagel & Squire, P.C. Reminds Investors that a Class Action Lawsuit Has Been Filed Against InnovAge Holding Corp. and Encourages Investors to Contact the Firm
NEW YORK, Nov 22, 2021 (GLOBE NEWSWIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit against InnovAge Holding Corp. (“InnovAge” or the “Companies”) (NASDAQ: INNV) in the United States District Court for the District of Colorado on behalf of any person or entity who has purchased or otherwise acquired InnovAge securities pursuant to the March 2021 IPO and / or can be traced back to it. Investors have until December 13, 2021 to apply to the court for appointment as the lead plaintiff in the litigation.
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The lawsuit alleges that InnovAge and other insiders made false and misleading statements in the company’s March 2021 IPO registration statement, generating over $ 373.6 million in revenue for InnovAge.
In particular, the following were omitted from the Registration Statement: (1) certain InnovAge entities have failed to provide Covered Services, to provide accessible and appropriate services, to manage the medical situation of participants and to monitor the use of specialists; (2) As a result, the company was reasonably likely to have received regulatory scrutiny, including by the Centers for Medicare and Medicaid Services (CMS); and (3) as a result, there was a significant risk that CMS would suspend new registrations pending a review of the Company’s services.
The accuracy of the registration statement was questioned on September 21, 2021 when the company announced that CMS had decided to freeze new registrations at its Sacramento facility due to identified deficiencies.
Because of the news, the company’s stock price fell $ 2.90 per share, or 25%, in a single trading day. At the time of filing the complaint, InnovAge is trading nearly 70% below its $ 20 IPO price.
If you have bought or otherwise acquired InnovAge stock and have suffered a loss, are a long-term shareholder, have information, want to learn more about these claims, or have questions about this release or your rights or interests in relation to these matters, please contact Email Brandon Walker or Alexandra Raymond at email@example.com, call (212) 355-4648, or fill out this contact form. There are no costs or obligations for you.
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About Bragar Eagle & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
Bragar Adler & Knappe, PC
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.