Skip to Content

InnovAge Holding Corp.

Company NameInnovAge Holding Corp.
Stock SymbolINNV
Class PeriodMarch 05, 2021 to September 21, 2021
Lead Plaintiff Motion DeadlineDecember 13, 2021

In March 2021, InnovAge completed its IPO, selling approximately 18,995,901 shares of common stock at a price of $21.00 per share.

On September 21, 2021, after the market closed, 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.”

On this news, the Company’s stock price fell $2.90 per share, or 25%, to close at $8.75 per share on September 22, 2021, on unusually heavy trading volume.

By the commencement of this action, the Company’s stock was trading as low as $6.61 per share, a nearly 69% decline from the $21 per share IPO price.

The complaint filed in this class action alleges that Defendants failed to disclose to investors: (1) 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; (2) that, as a result, the Company was reasonably likely to be subject to regulatory scrutiny, including by the Centers for Medicare and Medicaid Services; (3) that, as a result, there as a significant risk that CMS would suspend new enrollments pending an audit of the Company’s services; and (4) 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.

Submit Your Information

If you suffered a loss on your InnovAge Holding Corp. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

Shares Purchased

Number of SharesBuy DatePrice Per ShareAdd

Shares Sold

Number of SharesSell DatePrice Per ShareAdd