PACS Group Inc.'s leaders were hit with a shareholder lawsuit following a Hindenburg Research study finding their company engaged in a scheme to submit false Medicare claims.
Executives and board members of the Utah-based nursing home operator failed to tell investors those false claims drove substantially all of the company’s earnings between 2020 and 2023, according to a complaint filed March 21 in the US District Court for the Southern District of New York. The suit seeks punitive damages.
PACS abused a Covid-19-era waiver, “inappropriately accessing skilled care Medicare benefits for thousands of patients,” a Nov. 4 report by forensic ...