Healthcare firm PACS falls after Hindenburg takes short position

PACS

04/11/2024 18:26

** Shares of healthcare firm PACS Group  PACS.N  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 ; https://twitter.com/i_jass))