Stock Track | PACS Group Plunges After Scathing Hindenburg Report Alleges Fraud

Stock Track

2024/11/06

PACS Group's stock price plummeted by 27% on Monday after the renowned short-seller Hindenburg Research released a scathing report accusing the company of systematically defrauding taxpayers and improperly accessing Medicare benefits.

The report, titled "How To Become A Billionaire In The Skilled Nursing Industry By Systematically Scamming Taxpayers," alleges that PACS Group abused a COVID-era waiver to inappropriately access skilled care Medicare benefits for thousands of patients across its national portfolio of facilities.

According to Hindenburg's findings, this alleged scheme drove more than 100% of PACS Group's operating and net income from 2020 to 2023. The short-seller firm claims to have conducted a five-month investigation, leading to these damning accusations.

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