Grabar Law Office Is Investigating Potential Claims Against Certain Officers and Directors of InnovAge Holding Corp (INNV)

Philadelphia, Pennsylvania--(Newsfile Corp. - July 5, 2022) - According to a class action complaint, on March 4, 2021, Defendants took InnovAge public by boasting that the healthcare provider's meteoric growth over the previous four years resulted from a business model that provided comprehensive care for seniors in the United States. InnovAge claimed it had created a cycle of continued growth in a virtually untapped $200 billion healthcare market.

Unbeknownst to investors, however, InnovAge executives had received internal audits and responded to calls with center directors and other medical staff who conveyed that InnovAge's rapid enrollment was overwhelming its ability to provide necessary healthcare across its facilities in three states.

On September 17, 2021, Center for Medicare & Medicaid Services ("CMS") notified InnovAge that the agency was suspending enrollment at the Company's Sacramento, California center after its audit of the facility found that InnovAge "substantially failed" to "provide to its participants medically necessary items and services that are covered PACE services." InnovAge also revealed that, in May and June 2021, CMS and Colorado regulators had also conducted audits of all the Company's Colorado programs. Three months later, on December 23, 2021, InnovAge announced that CMS and Colorado had decided to suspend enrollment at the Company's Colorado centers, responsible for more than 50% of the Company's revenue, based on deficiencies identified in their audits which had focused on patient care provided mostly or partially prior to the IPO. Additional sanctions followed in 2022 both from regulators and states rejecting InnovAge's expansion efforts.

If you have continuously held InnovAge shares since on or around its March 4, 2021 IPO date, you may be able to seek corporate reforms, the return of funds back to company coffers, and potentially a court approved incentive award if appropriate.

If you would like to learn more about this matter at no cost to you, visit https://grabarlaw.com/the-latest/innovage-shareholder-investigation/ or contact us at jgrabar@grabarlaw.com call 267-507-6085.

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These materials have been prepared by the Grabar Law Office for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Prior results referred to in these materials do not guarantee or suggest a similar result in other matters.

Contact:

Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com

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