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BENSALEM, Pa., October 21, 2021--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming December 13, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased InnovAge Holding Corp. ("InnovAge" or the "Company") (NASDAQ: INNV) common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company’s March 2021 initial public offering ("IPO" or the "Offering").
Investors suffering losses on their InnovAge investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
In March 2021, InnovAge completed its IPO, selling 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 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." The Company 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."
On this news, the Company’s stock price fell $2.90, or nearly 25%, to close at $8.75 per share on September 22, 2021, thereby injuring investors.
The complaint filed in this class action alleges that Defendants failed to disclose to investors: (1) 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; (2) that, as a result, the Company was reasonably likely to be subject to regulatory scrutiny, including by the Centers for Medicare and Medicaid Services; (3) that, as a result, there was a significant risk that CMS would suspend new enrollments pending an audit of the Company’s services; and (4) 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.
If you purchased or otherwise acquired InnovAge common stock pursuant and/or traceable to the IPO, you may move the Court no later than December 13, 2021 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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