PACS Group Inc. has announced that its financial statements for the first and second quarters of 2024 should no longer be relied upon due to regulatory compliance issues. The company's Audit Committee, in consultation with management, determined that the financial reports for these periods contained inaccuracies. As part of addressing these issues, PACS Group has initiated a comprehensive review of its regulatory compliance program, appointed a new interim Chief Compliance Officer, and is implementing measures to strengthen its processes and controls. The company is also assessing the impact of these restatements on its internal controls and expects to identify material weaknesses in its financial reporting. The company's independent registered public accounting firm, Ernst & Young LLP, has been involved in discussions regarding these matters.
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