Lawsuit filed for Investors in InnovAge Holding Corp. (NASDAQ: INNV) shares

An investor, who purchased shares of InnovAge Holding Corp. (NASDAQ: INNV), filed a lawsuit in the U.S. District Court for the District of Colorado over alleged violations of Federal Securities Laws by InnovAge Holding Corp. in connection with the Company’s March 2021 initial public offering (“IPO”).

Investors who purchased shares of InnovAge Holding Corp. (NASDAQ: INNV), have certain options and for certain investors are short and strict deadlines running. Deadline: December 12, 2021. NASDAQ: INNV investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Denver, CO based InnovAge Holding Corp. manages and provides a range of medical and ancillary services for seniors in need of care and support to live independently in their homes and communities. On September 21, 2021, InnovAge Holding Corp revealed that the Centers for Medicare and Medicaid Services ("CMS") had "determined to freeze new enrollments at [the Company’s] Sacramento center based on deficiencies detected in [a recent] audit." InnovAge Holding Corp stated that these "deficiencies relate to failures to provide covered services, provide accessible and adequate services, manage participants’ medical situations, and oversee use of specialists, among others." Shares of InnovAge Holding Corp. (NASDAQ: INNV) declined from $13.07 per share on September 21, 2021, to $6.45 per share on September 29, 2021.

The plaintiff claims that the Defendants failed to disclose to investors that certain of InnovAge’s facilities failed to provide covered services, provide accessible and adequate services, manage participants’ medical situations, and oversee use of specialists, that, as a result, the Company was reasonably likely to be subject to regulatory scrutiny, including by the Centers for Medicare and Medicaid Services, that, as a result, there as a significant risk that CMS would suspend new enrollments pending an audit of the Company’s services, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of InnovAge Holding Corp. (NASDAQ: INNV) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.