:RM LAW, P.C. is investigating potential claims against the board of directors of InnovAge Holding Corp. ("InnovAge" or the "Company") (NASDAQ: INNV) investors concerning the Company’s possible violations of the federal securities laws.
If you own shares of InnovAge and would like to learn more about this class action or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here. You may also email Mr. Maniskas at email@example.com.
In March 2021, InnovAge completed its initial public offering ("IPO") of common stock, selling 19 million shares of common stock at a price of $21.00 per share.
On September 21, 2021, InnovAge 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." It 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." Following this news, shares of the Company's stock fell $2.90 per share, or 25%, to close at $8.75 per share on September 22, 2021, on unusually heavy trading volume.