(Bloomberg) — Shares of nursing home operator PACS Group, Inc. fell as much as 33% on Monday after Hindenburg Research released a brief report alleging that the company has – among other things – “systematically defrauded taxpayers.”
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The decline was on track to be the worst day ever for the company, which made its debut as a publicly traded stock in April this year. Shares closed Friday at a record high of $42.94, more than double the company’s initial public offering price of $21.
PACS Group did not immediately respond to a Bloomberg News request for comment.
Shares of the company, which was valued at about $6.7 billion at market close Friday, were up on two quarterly results that beat expectations and a boost to the company’s revenue and profit expectations for the year.
The company is expected to report its third-quarter results after the market closes on Thursday.
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