Nursing Home Operator PACS Sinks After Hindenburg Short Report
- PACS Group went public in April, had doubled through Friday
- Shares tumble by a record 28% Monday after the report
This article is for subscribers only.
Shares of nursing home operator PACS Group Inc. tumbled 28% on Monday after Hindenburg Research released a short report alleging that the company has been — among other things — “systematically scamming taxpayers.”
The drop triggered volatility halts in the shares of the health-care firm, and had PACS notching its worst day since its debut as a publicly traded stock in April. The stock had closed at a record high of $42.94 on Friday, more than double the initial public offering price of $21.