NOTICE: InnovAge Holding Corp. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit – INNV – Lawyer Monthly
SAN DIEGO– (BUSINESS WIRE) – # INNVstock – Robbins Geller Rudman & Dowd LLP announces that buyers of common stock of InnovAge Holding Corp. ”) issued in connection with InnovAge’s initial public offering in March 2021 (“ IPO ”), until December 13, 2021 to void the McLeod v. InnovAge Holding Corp. No. 21-cv-02770. The InnovAge class action lawsuit, filed in the District of Colorado on October 14, 2021, charges InnovAge, some of its officers, and the underwriters of InnovAge’s IPO for violating the Securities Act of 1933.
If you would like to act as the lead plaintiff in the InnovAge class action, please provide your information by clicking here. You can also contact Attorney JC Sanchez of Robbins Geller by phone at 800 / 449-4900 or by email at email@example.com. Lead plaintiffs motions for the InnovAge class action must be filed with the court no later than December 13, 2021.
CASE NEED: InnovAge operates a healthcare platform that purportedly takes a patient-centered treatment approach to improve the quality of care for participants. When it went public, InnovAge sold approximately 18,995,901 shares of common stock at a price of $ 21.00 per share. The proceeds from the IPO were reportedly intended to be used to repay certain debts and for general corporate purposes, including working capital, operating expenses and capital expenditures.
The InnovAge class action lawsuit alleges that InnovAge’s registration statement was materially false and misleading, and omitted the following: (i) Certain InnovAge entities failed to provide Covered Services, provide accessible and appropriate services, the medical situation of participants manage and monitor the use of specialists; (ii) As a result, InnovAge was reasonably likely to have undergone regulatory review, including by the Centers for Medicare and Medicaid Services (“CMS”); (iii) there was therefore a significant risk that CMS would suspend new registrations pending a review of InnovAge’s services; and (iv) in view of the foregoing, Defendants’ positive statements about the business, operations and prospects of InnovAge were materially misleading and / or unfounded.
On September 21, 2021, InnovAge announced that the CMS “has decided to move new registrations [the Company’s] Sacramento Center based on identified defects in [a recent] Audit. “The company said these shortcomings were” related to the quality of care provided to attendees. “Based on the news, InnovAge’s share price fell about 25%, causing harm to investors.
LEAD APPLICATION: The Private Securities Litigation Reform Act of 1995 allows any investor who has acquired and / or is traceable to InnovAge common stock pursuant to and / or traceable to the IPO to be appointed lead plaintiff in the InnovAge class action. A lead plaintiff is usually the applicant with the greatest financial interest in the legal protection sought by the alleged class, which is also typical and appropriate for the alleged class. A lead plaintiff is acting on behalf of all other group members in leading the InnovAge class action. The lead plaintiff can choose a law firm of their choice to bring the InnovAge class action lawsuit. An investor’s ability to participate in a possible future recovery of the InnovAge class action lawsuit does not depend on being the lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm serving investors in securities class actions. Robbins Geller’s attorneys have won many of the largest shareholder recoveries in history, including the largest securities class action of all time – $ 7.2 billion – in In re Enron Corp. Sec. Lit. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for getting $ 1.6 billion back for investors last year, more than double the amount paid by any other securities plaintiff firm was drafted. More information is available at http://www.rgrdlaw.com.
Past results do not guarantee future results.
Services can be performed by lawyers in any of our offices.
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
JC Sanchez, 800-449-4900