The law firm of Kirby McInerney LLP is investigating potential claims against InnovAge Holding Corp. (“InnovAge” or the “Company”) (NASDAQ: INNV). The investigation concerns whether InnovAge has violated the federal securities laws and/or engaged in other unlawful business practices.
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 [the Company’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.” On this news, the Company’s share price declined by $2.90 per share, or approximately 24.9%, from $11.65 per share to close at $8.75 per share on September 22, 2021.
If you purchased or otherwise acquired InnovAge securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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