BUZZ-Healthcare firm PACS plummets after postponing Q3 results

Reuters

Nov 06, 2024

** Shares of healthcare firm PACS Group PACS.N drop ~21.8% to $23.10 premarket

** Co says it is postponing the release of its Q3 results, days after short-seller Hindenburg takes a short position in the company

** The short-seller had alleged that PACS abused a COVID-era waiver, inappropriately accessing skilled care Medicare benefits for thousands of patients across its national portfolio of facilities

** "We believe recent third-party allegations are misleading." says PACS CEO Jason Murray, adding that the company is investigating the allegations

** Co says it will release its Q3 results as soon as practicable

** Up to last close, stock up 28.4% since debut on April 11

(Reporting by Christy Santhosh)

((Christy.Santhosh@thomsonreuters.com))

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