Cases & investigations

Cases & investigations

InnovAge Holding Corp.

A shareholder class action lawsuit has been filed against InnovAge Holding Corp. (“InnovAge” or the “Company”) (NASDAQ: INNV) on behalf of investors who purchased shares of the Company’s 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”).

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.

IMPORTANT DEADLINE:  Investors who purchased InnovAge’s securities may, no later than December 13, 2021, seek to be appointed as a lead plaintiff representative in the action.

InnovAge investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by completing the information form on this page, for additional information about the opportunity to actively participate in the action as a lead plaintiff representative.

Submit Your Information

  • Date Format: MM slash DD slash YYYY