NEW YORK, NY / ACCESSWIRE / September 23, 2021 / Labaton Sucharow, a nationally ranked and award-winning shareholder rights law firm, is investigating potential violations of the federal securities laws by InnovAge Holding Corp. (NASDAQ:INNV).
InnovAge 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, after the market closed, certain InnovAge executive officers participated in an earnings conference call. During the conference call, Maureen Hewitt, InnovAge's president and Chief Executive Officer, revealed that the Centers for Medicare and Medicaid Services had "determined to freeze new enrollments at [InnovAge's] Sacramento center based on deficiencies detected in [a May 2021] audit." Ms. Hewitt 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, InnovAge's stock price fell $2.90, or nearly 25%, to close at $8.75 per share on September 22, 2021.
If you want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at [email protected].
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David J. Schwartz
(800) 321-0476
[email protected]
SOURCE: Labaton Sucharow LLP