The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against InnovAge Holding Corp. (INNV)

THE ANGEL–(BUSINESS WIRE) – Frank R. Cruz law firm is reminding investors of the upcoming December 13, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors, InnovAge Holding Corp. (Purchased “InnovAge” or the “Company”)) (NASDAQ: INNV) common stock pursuant to and / or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the company’s initial public offering in March 2021 ( “IPO” or the “Offer”) have been issued.

If you are a shareholder who has suffered a loss, click here to participate.

In March 2021, InnovAge completed its IPO and sold approximately 18,995,901 shares of common stock at a price of $ 21.00 per share.

On September 21, 2021, after the market closed, InnovAge announced that the Centers for Medicare and Medicaid Services (“CMS”) had “decided to freeze new registrations at 1:00 am”. [the Company’s] Sacramento Center based on identified defects in [a recent] Audit. “The company stated that these” deficiencies relate, among other things, to the failure to provide covered services, to provide accessible and appropriate services, to manage the medical situation of the participants and to monitor the use of specialists “.

As a result of this news, the company’s share price fell $ 2.90, or nearly 25%, to close at $ 8.75 per share on September 22, 2021, hurting investors.

The complaint filed in this class action alleges that the defendants failed to disclose to investors: (1) that certain InnovAge facilities were unable to provide covered services, provide accessible and appropriate services, manage the medical condition of participants, and monitor the use of specialists; (2) that the company has been subject to regulatory scrutiny, including the Centers for Medicare and Medicaid Services, as a result; (3) that as a result, there was a significant risk that CMS would suspend new registrations pending an audit of the Company’s services; and (4) that, based on the foregoing, Defendants’ positive statements about the business, operations, and prospects of the Company were materially misleading and / or improperly based.

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If you purchased or otherwise acquired InnovAge securities during the class action period, you may call the court no later than December 13, 2021 to seek appointment as the lead plaintiff in this alleged class action. To become a member of the class action, you do not need to take any action at this point; You can hire a lawyer of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Frank R. Cruz of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars , Suite 1100, Los Angeles, California 90067, 310-914-5007, by email at [email protected], or visit our website at www.frankcruzlaw.com. For inquiries by e-mail, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.

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