NEW YORK, Nov. 3, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of InnovAge Holding Corp. ("InnovAge" or the "Company") (NASDAQ: INNV). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether InnovAge and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around March 5, 2021, InnovAge conducted its initial public offering ("IPO"), selling approximately 18,995,901 shares of common stock priced at $21.00 per share. Then, on September 21, 2021, InnovAge disclosed that the Centers for Medicare and Medicaid Services had "determined to freeze new enrollments at [the Company's] Sacramento center based on deficiencies detected in [a recent] audit", specifying 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, InnovAge's stock price fell $2.90 per share, or approximately 25%, to close at $8.75 per share on September 22, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.