Market Newsdesk

PHILADELPHIA, Jan. 12, 2025 (GLOBE NEWSWIRE) — Berger Montague PC advises investors that a securities class action lawsuit has been filed against PACS Group, Inc. (“PACS” or the “Company”) (NYSE: PACS) on behalf of purchasers of PACS securities between April 8, 2024 through November 21, 2024, inclusive (the “Class Period”).

Investor Deadline: Investors who purchased or acquired PACS securities during the Class Period may, no later than


JANUARY 13, 2025


, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at




[email protected]




or (215) 875-3015, or Peter Hamner at




[email protected]




,


or




CLICK HERE


.

Headquartered in Farmington, Utah, PACS operates skilled nursing facilities and post-acute care facilities in the U.S.

According to the lawsuit, throughout the Class Period, Defendants failed to disclose that: (a) PACS inflated its Medicare revenues by misclassifying lower-acuity patients as high-acuity patients that required skilled care in violation of a Covid-era waiver, thereby securing higher reimbursement rates; and (b) that after the expiration of the COVID-era waiver, PACS inflated its revenues by fraudulently billing for unnecessary treatments and for services never provided to patients.

On November 4, 2024, Hindenburg Research published a report alleging that, among other things, PACS misused COVID waivers to inflate Medicare reimbursements, as well as engaging in other revenue practices which misrepresented the Company’s financial health. On this news, PACS’ share price dropped $11.93 per share – 27.8 percent – to close at $31.01 per share on November 4, 2024.

Then, on November 6, 2024, the Company announced that it would delay the release of its third-quarter 2024 financial results due to an investigation by the Company’s Audit Committee into recent allegations concerning its reimbursement and referral practices. PACS also disclosed that it had received civil investigative demands from the federal government regarding these practices. On this news, PACS’ share price dropped $11.45 per share – 38.8 percent – to close at $18.09 per share on November 6, 2024.

Learn More About the Lawsuit

A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.

Contact:

Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]  

Peter Hamner
Berger Montague PC
[email protected]

• Preliminary unaudited product revenue for the fourth quarter of 2024 is expected to be approximately $63 million, up approximately 366% vs. Q4 2023 and 41% vs. Q3 2024
• Preliminary unaudited product revenue for the full-year 2024 is expected to be approximately $160 million, up approximately 449% vs. 2023
• Robust unit growth across the portfolio with gross-to-net (GTN) similar to prior quarter
• Preliminary unaudited cash, cash equivalents, restricted cash, and marketable securities as of December 31, 2024 are expected to be approximately $229 million
• Company to release complete fourth quarter and full year 2024 financial results and host a conference call and webcast on February 25, 2025 at 4:30 p.m. EST

WESTLAKE VILLAGE, Calif., Jan. 12, 2025 (GLOBE NEWSWIRE) — Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today announced certain preliminary unaudited financial information for the fourth quarter and full-year 2024.

Preliminary Fourth Quarter and Full-Year 2024 Financial Information

• Preliminary unaudited product revenue for the fourth quarter of 2024 is expected to be approximately $63 million, representing growth of approximately 366% as compared to the fourth quarter of 2023 and approximately 41% as compared to the third quarter of 2024. Preliminary unaudited product revenue for the full-year 2024 is expected to be approximately $160 million, representing growth of approximately 449% vs. 2023
• Revenue growth in the fourth quarter across the franchise was driven by strong demand for all ZORYVE^® (roflumilast) indications, while GTN was similar to the prior quarter
• Preliminary cash, cash equivalents, restricted cash, and marketable securities as of December 31, 2024 are expected to be approximately $229 million
• As previously reported, the Company repaid $100 million of its long-term debt held by SLR Investment Corp. and has the option to re-draw approximately $100 million by the first half of 2026 making total liquidity as of December 31, 2024 from cash, cash equivalents, restricted cash, marketable securities, and available debt equal to approximately $329 million

“We are excited by the significant sales momentum and robust revenue growth we continue to generate in our business, driven by expanding demand for our entire ZORYVE franchise,” said Frank Watanabe, president and chief executive officer of Arcutis. “We anticipate sustained ZORYVE sales growth throughout 2025 as our multiple product launches gain further traction and we secure new approvals, expand insurance coverage, and broaden access to primary care and pediatric practices through our commercial partnership with Kowa.”

Management will host in-person investor meetings in San Francisco, CA, around the 43^rd Annual J.P. Morgan Healthcare Conference, being held January 13-16, 2025.

Arcutis has not completed preparation of its financial statements for the fourth quarter or full-year 2024. The financial information as of and for the fourth quarter and full-year 2024 presented in this release are preliminary and unaudited and are subject to the close of the quarter and year, completion of our quarter-end and year-end closing procedures, and further financial review. Our independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to this financial information. Our actual results may differ from these estimates as a result of the completion of our quarter-end and year-end closing procedures, review adjustments, and other developments that may arise between now and the time our financial results for the fourth quarter and full year are finalized.

Arcutis will report complete fourth quarter and full-year 2024 financial results and provide a business update on Tuesday, February 25, 2025 after the U.S. financial markets close. The Company will also host a conference call and webcast the same day at 4:30 p.m. EST. A live webcast of the call and the presentation materials will be available on the “Events” section of the Company’s website. An archived replay of the webcast will be available on the Arcutis investor website following the conference call.

About Arcutis

Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is a commercial-stage medical dermatology company that champions meaningful innovation to address the urgent needs of individuals living with immune-mediated dermatological diseases and conditions. With a commitment to solving the most persistent patient challenges in dermatology, Arcutis has a growing portfolio including three FDA approved products that harness our unique dermatology development platform coupled with our dermatology expertise to build differentiated therapies against biologically validated targets. Arcutis’ dermatology development platform includes a robust pipeline with multiple clinical programs for a range of inflammatory dermatological conditions including scalp and body psoriasis, atopic dermatitis, and alopecia areata. For more information, visit www.arcutis.com or follow Arcutis on LinkedIn, Facebook, Instagram, and X.

Forward-Looking Statements

Arcutis cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements which include, but are not limited to, statements regarding commercial execution, regulatory timelines, progress on product access and adoption, and preliminary unaudited financial information as of and for the fourth quarter and full-year 2024. These statements are based on the Company’s current beliefs and expectations. These statements involve substantial known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements and you should not place undue reliance on our forward-looking statements. Risks and uncertainties that may cause our actual results to differ include risks inherent in the clinical development process and regulatory approval process, the timing of regulatory filings, the timing and expenses of commercialization efforts, and our ability to defend our intellectual property. For a further description of the risks and uncertainties applicable to our business, see the “Risk Factors” section of our Form 10-K filed with U.S. Securities and Exchange Commission (SEC) on February 27, 2024, as well as any subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements in this press release. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contacts



Media



Amanda Sheldon, Head of Corporate Communications
[email protected]

Investors



Latha Vairavan, Vice President, Finance and Corporate Controller
[email protected]

PASCAGOULA, Miss., Jan. 11, 2025 (GLOBE NEWSWIRE) — HII (NYSE: HII) christened San Antonio-class amphibious transport dock Harrisburg (LPD 30) today at the company’s Ingalls Shipbuilding division.

“Today is more than just a christening; it is a celebration of craftsmanship, commitment and the enduring purpose of the work we do every day at Ingalls,” Ingalls Shipbuilding President Brian Blanchette said. “Like its namesake, Harrisburg — with its rich history of strength, resilience and leadership — shares the same qualities reflected in our shipbuilders, whose dedication ensures the Navy and Marine Corps have the advanced ships they need to protect and defend our nation.”

LPD 30 is named after Harrisburg, Pennsylvania’s capital city, and commemorates the city’s rich history and longstanding support of the United States military. From its origins as a trading outpost to the present, the city of Harrisburg has played a key role in the development of the nation’s industrial history. It also played a critical role during the nation’s Westward Migration, the American Civil War and the Industrial Revolution. 

Harrisburg’s co-sponsors are Alexandra Curry, a resident of Middletown, Pennsylvania, and wife of Middletown’s mayor, and Jennifer Díaz, a resident of Philadelphia, and wife of Chris Díaz, chief of staff to the Secretary of the Navy. The pair were honored during Saturday’s ceremony and officially christened Harrisburg by smashing a bottle of sparkling wine across the bow of the ship.

Photos accompanying this release are available at: https://hii.com/news/hii-christens-amphibious-transport-dock-harrisburg-lpd-30/.

Rear Adm. Tom Anderson, program executive officer, ships, provided the keynote address.

“To the sailors and shipbuilders of the future USS Harrisburg, I extend to you my deepest congratulations,” Anderson said. “Thank you all for the work and sacrifices you have already made, and for everything you will do to bring this ship to life.”

LPD 30 will be the U.S. Navy’s 14th San Antonio-class amphibious transport dock ship and the first Flight II in the class. When delivered, the ship will support expeditionary warfare, humanitarian assistance and disaster relief missions.

Assistant Commandant of the Marine Corps Christopher Mahoney also provided remarks during the ceremony.

“When you take America’s greatest shipbuilders, and you add to them, the world’s best sailors and a few hundred angry Marines, you’ve got USS Harrisburg,” Mahoney said. “This is where America’s amphibious shipbuilding muscle gets flexed and is a start point to return us, as a Navy-Marine Corps team, to persistent presence forward to face what I believe to be a generational challenge and contest.”

Ingalls is the sole provider of LPD 17 San Antonio-class ships and has delivered LPDs 17-29 to date. Currently, Ingalls has two Flight II LPDs under construction including Harrisburg and Pittsburgh (LPD 31). Pre-construction activities are currently underway for the construction of Philadelphia (LPD 32). Additionally, in September 2024, the Navy awarded Ingalls a contract for the construction of three more San Antonio-class amphibious ships (LPDs 33-35).

Video of the ceremony, along with additional information on Harrisburg, the ship sponsors and the San Antonio-class amphibious ship program, can be found at: https://hii.com/events/harrisburg-lpd-30-christening/.

About HII

HII is a global, all-domain defense provider. HII’s mission is to deliver the world’s most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.

As the nation’s largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII’s workforce is 44,000 strong. For more information, visit:

• HII on the web: https://www.HII.com/
• HII on Facebook: https://www.facebook.com/TeamHII
• HII on X: https://www.twitter.com/WeAreHII
• HII on Instagram: https://www.instagram.com/WeAreHII

Contact:

Kimberly K. Aguillard
228-355-5663
[email protected] 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/069278eb-425a-449c-8be4-f43cdea373b6

NEW YORK, Jan. 11, 2025 (GLOBE NEWSWIRE) —

Monteverde & Associates PC
(the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

• Stronghold Digital Mining, Inc. (Nasdaq:
  
  
  SDIG
  
  
  ), relating to its proposed merger with Bitfarms Ltd. Under the terms of the agreement, Stronghold stockholders are expected to receive 2.52 shares of Bitfarms per share of Stronghold they own.

Click here for more information:

https://monteverdelaw.com/case/stronghold-digital-mining-inc/
. It is free and there is no cost or obligation to you.

• Inflection Point Acquisition Corp. II (NASDAQ:
  
  
  IPXX
  
  
  ), relating to its proposed merger with USA Rare Earth, LLC. Under the terms of the agreement, IPXX common stock will automatically be converted into the right to receive shares of USARE common stock.

Click here for more information: https://monteverdelaw.com/case/inflection-point-acquisition-corp-ii/.   It is free and there is no cost or obligation to you.

• Liberty Broadband Corporation (NASDAQ:
  
  
  LBRDA
  
  
  ,
  
  
  LBRDK
  
  
  ,
  
  
  LBRDP
  
  
  ), relating to the proposed merger with Charter Communications, Inc. Under the terms of the agreement, Liberty Broadband common stockholders will receive 0.236 of a share of Charter common stock per share of Liberty Broadband common stock they own.

Click here for more information

https://monteverdelaw.com/case/liberty-broadband-corporation-lbrda-lbrdk-lbrdp/
. It is free and there is no cost or obligation to you.

• MoneyLion Inc. (NYSE:
  
  
  ML
  
  
  ), relating to the proposed merger with Gen Digital Inc. Under the terms of the agreement, shareholders of MoneyLion will receive $82.00 per share in cash, and, in addition, one contingent value right per share entitling the shareholder to a contingent payment of Gen Digital common stock.

Click here for more

https://monteverdelaw.com/case/moneylion-inc-ml/
. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

1. Do you file class actions and go to Court?
2. When was the last time you recovered money for shareholders?
3. What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
[email protected]
Tel: (212) 971-1341

Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.