Investors of InnovAge Holding Corp. who have suffered substantial losses have the possibility of bringing a class action suit – INNV
SAN DIEGO, November 28, 2021– (BUSINESS WIRE) –Robbins Geller Rudman & Dowd LLP announces that buyers of common shares of InnovAge Holding Corp. (NASDAQ: INNV) in accordance with and / or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with InnovAge’s initial public offering of March 2021 (“IPO “) Have until 13 December 2021 to apply for appointment as lead applicant in McLeod v. InnovAge Holding Corp., n ° 21-cv-02770. Filed on October 14, 2021 in the District of Colorado, the InnovAge The class action lawsuit accuses InnovAge, some of its executives and the underwriters of the InnovAge IPO of violations of the Securities Act of 1933.
If you wish to serve as the principal applicant of the InnovAge class action lawsuit, please provide your information by clicking here. You can also contact Robbins Geller’s lawyer JC Sanchez by calling 800 / 449-4900 or emailing [email protected] Principal applicant’s requests for InnovAge The class action must be filed with the court no later than December 13, 2021.
CASE ALLEGATIONS: InnovAge operates a healthcare delivery platform that purportedly takes a patient-centered approach to care to improve the quality of care participants receive. During its IPO, InnovAge sold approximately 18,995,901 common shares at a price of $ 21.00 per share. The IPO proceeds were supposed to be used to repay certain debts and for general corporate purposes, including working capital, operating expenses, and capital expenditures.
The InnovAge The class action alleges that InnovAge’s registration statement was materially false and misleading and failed that: (i) some of InnovAge’s facilities failed to provide covered services, provided accessible and adequate services, managed medical situations of participants and supervised the use of specialists; (ii) as a result, InnovAge was reasonably likely to be subject to regulatory oversight, including by the Centers for Medicare and Medicaid Services (“CMS”); (iii) thus, there was a significant risk that CMS would suspend new registrations pending an audit of InnovAge services; and (iv) in light of the foregoing, the defendants’ positive statements about the business, operations and prospects of InnovAge were significantly misleading and / or lacked reasonable basis.
On September 21, 2021, InnovAge revealed that CMS had “decided to suspend new registrations at [the Company’s] Sacramento center based on the deficiencies detected in [a recent] audit. The company said these shortcomings “were related to the quality of care of the participants.”
THE MAIN COMPLAINANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who has purchased ordinary shares of InnovAge in accordance with and / or traceable to the registration statement issued in connection with the IPO to apply for an appointment as a principal applicant in the InnovAge class action lawsuit. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class which is also typical and adequate of the putative class. A lead applicant acts on behalf of all other class members by ordering InnovAge class action lawsuit. The lead plaintiff can choose a law firm of their choice to litigate the InnovAge class action lawsuit. The ability of an investor to participate in any potential future recovery of the InnovAge the class action is not dependent on serving as the principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $ 7.2 billion – in In re Enron Corp. Dry. Litigation. The 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller # 1 for recovering $ 1.6 billion from investors last year, more than double the amount recovered by any other company from securities claimants. Please visit http://www.rgrdlaw.com for more information.
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Robbins Geller Rudman & Dowd LLP
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JC Sanchez, 800-449-4900