Important Notice for ModivCare Inc. Shareholders
New York, NY – The Gross Law Firm, a leading securities litigation law firm, notifies shareholders of ModivCare Inc. (MODV) that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York. The lawsuit alleges that ModivCare and certain of its officers and directors violated the Securities Exchange Act of 1934.
Class Period and Eligibility
The class period for this action is from January 1, 2023, to March 25, 2025. Shareholders who purchased ModivCare securities during the class period are encouraged to contact the firm to discuss their legal rights and potential appointment as a lead plaintiff.
Allegations against ModivCare
The complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose material adverse facts about the company’s business, operations, and financial condition. Specifically, the complaint alleges that ModivCare failed to disclose:
- Deficiencies in its internal control over financial reporting;
- Weaknesses in its revenue recognition practices;
- A decline in the demand for its services;
- An increase in competition in the home healthcare market;
- An overstatement of its revenue and earnings.
As a result of these alleged false and misleading statements, ModivCare’s stock traded at artificially inflated prices during the class period.
Impact on Individual Shareholders
Shareholders who purchased ModivCare securities during the class period may have suffered significant losses. The Gross Law Firm encourages these shareholders to contact the firm to discuss their legal rights and potential recovery.
Impact on the World
The impact of this lawsuit on the world at large may depend on the outcome of the case. If the allegations are proven true, investors may become more cautious about investing in companies with questionable financial reporting practices. This could lead to increased scrutiny of such companies and potential regulatory action.
Conclusion
The Gross Law Firm urges ModivCare shareholders to contact the firm if they purchased shares during the class period listed above. Shareholders may be eligible to recover their losses through the class action lawsuit. The firm encourages all shareholders to remain vigilant and to carefully monitor their holdings for any signs of wrongdoing.
This notice is not a solicitation to file a lawsuit against ModivCare. The lawsuit is pending and the allegations in the complaint have not been proven in a court of law.
Contact:
The Gross Law Firm
230 Park Avenue, 19th Floor
New York, NY 10169
Email: [email protected]
Phone: 212-504-5453
