The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of InnovAge Holding Inc. (NASDAQ: INNV) who purchased pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s March 2021 initial public offering. The action, which was filed in the United States District Court for the District of Colorado, alleges that the Company violated federal securities laws.
(1) certain of InnovAge’s facilities failed to provide covered services, provide accessible and adequate services, manage participants’ medical situations, and oversee use of specialists; (2) as a result, the Company was reasonably likely to be subject to regulatory scrutiny, including by the Centers for Medicare and Medicaid Services; (3) as a result, there as a significant risk that CMS would suspend new enrollments pending an audit of the Company’s services; and (4) 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.
Shareholders have until December 13, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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