Kaskela Law LLC is investigating InnovAge Holding Corp. (NASDAQ: INNV) (“InnovAge” or the “Company”) on behalf of the Company’s stockholders.
In March 2021, InnovAge completed its initial public offering (“IPO”) of common stock, selling 19 million shares of stock to investors at a price of $21.00 per share.
On September 21, 2021, 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.” Reportedly, such “deficiencies relate to failures to provide covered services, provide accessible and adequate services, manage participants’ medical situations, and oversee use of specialists, among others.” Following this news, shares of the Company’s stock fell $2.90 per share, or 25% in value, to close at $8.75 per share on September 22, 2021, on unusually heavy trading volume.
Current InnovAge stockholders who purchased or acquired shares of the Company’s stock prior to September 21, 2021 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by completing the form on this page, for additional information about this investigation and their legal rights and options.