NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against ModivCare, Inc. (“ModivCare” or the “Company”) (NASDAQ: MODV) in the United States District Court for the District of Colorado on behalf of all persons and entities who purchased or otherwise acquired ModivCare securities between November 3, 2022, and September 15, 2024, both dates inclusive (the “Class Period”). Investors have until March 31, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
The Class Action alleges that, during the Class Period, Defendants made misleading statements and omissions regarding the ability of its contracts to stabilize cash flow. As the alleged truth about ModivCare's business reached the market, the price of ModivCare's stock suffered significant declines, harming investors. For example, on September 16, 2024, before market hours, ModivCare filed a press release on a Form 8-K with the Securities and Exchange Commission, titled "Modivcare Provides Financial Update." Therein, the Company revised its 2024 Adjusted EBITDA guidance range from $185-$195 million to $170-$180 million, "primarily due to NEMT segment pricing accommodations made to strategically retain and expand key customer relationships." On this news, the Company's stock price fell $1.40 or nearly 10%, from $14.12 per share on September 15, 2024, to close at $12.72 per share on September 16, 2024, on unusually high trading volume.
If you purchased or otherwise acquired ModivCare shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.h
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
