SAN DIEGO, CA / ACCESSWIRE / December 22, 2021 / Shareholder rights law firm Robbins LLP is investigating InnovAge Holdings Corp. (NASDAQ:INNV) to determine whether certain InnovAge officers and directors violated securities laws in connection with the Company's initial public offering ("IPO") and breached their fiduciary duties to the Company. InnovAge operates a healthcare delivery platform that purports to take a "patient-centered care approach" to improve the quality of care that participants receive.
Contact us to learn more.
InnovAge Holdings Corp. (INNV) May Have Misstated its Operational and Business Prospects in its Initial Public Offering Documents
On March 5, 2021, InnovAge conducted its IPO, selling its shares at $21.00 per share for proceeds of approximately $373.6 million. On September 21, 2021, InnovAge revealed 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." It 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 stock price fell $2.90 per share, or 25%, to close at $8.75 per share on September 22, 2021. The stock now trades below $9.00 per share, a significant decline from the $21 per share IPO price.
InnovAge Holdings Corp. (INNV) shareholders have legal options. If you own shares of InnovAge Holdings Corp. contact us for more information. All representation is on a contingency fee basis. Shareholders pay no fees or costs.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against InnovAge Holdings Corp. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.
SOURCE: Robbins LLP
View source version on accesswire.com: