Healthcare firm PACS plummets after postponing Q3 results

PACS

06/11/2024 12:44

** 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))