Reported 16 days ago
PACS Group Inc., a nursing home operator, saw its stock plummet by 67% after a short-selling report from Hindenburg Research accused the company of fraudulent practices related to taxpayer-funded health care. The plunge wiped out approximately $2.5 billion from the fortunes of cofounders Jason Murray and Mark Hancock, who faced losses of $1.26 billion each. The company's struggles continued with an announcement of civil investigative demands tied to its practices. Despite ongoing investigations and delays in releasing financial results, analysts maintain a generally positive outlook on the firm.
Source: YAHOO