Tiger Brokers

BUZZ-Healthcare firm PACS falls after Hindenburg takes short position

Reuters
Nov 05, 2024

** Shares of healthcare firm PACS Group fall 30.7% to $29.74

** Hindenburg Research says its five-month investigation revealed that "PACS' 'turnaround' strategy largely boils down to systematically scamming taxpayer-funded healthcare programs"

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

** Hindenburg Research says it believes PACS risks significant regulatory penalties

** PACS Group did not immediately respond to a Reuters request for comment

** Up to last close, stock more than doubled since debut on April 11

(Reporting by Jaspreet Singh in Bengaluru)

((Jaspreet.Singh@thomsonreuters.com ; ))

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