Rosen Law Firm, a global investor rights law firm, reminds investors that a shareholder filed a class action on behalf of purchasers and acquirers of securities of ModivCare Inc. (NASDAQ: MODV) between November 3, 2022 and September 15, 2024. ModivCare describes itself as a company that “provides a suite of integrated supportive care solutions for public and private payors and their members[.]”

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The Allegations: Rosen Law Firm is Investigating the Allegations that ModivCare Inc. (NASDAQ: MODV) Misled Investors Regarding its Business Operations.

According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements as well as failed to disclose adverse facts about ModivCare’s business, operations, and prospects. Specifically, defendants failed to disclose that certain contracts used in ModivCare’s non-emergency medical transportation (“NEMT”) segment caused ModivCare’s free cash flow to deteriorate and that, as a result: (i) contract renegotiations and pricing accommodations negatively impacted ModivCare’s adjusted EBITDA; (ii) ModivCare had insufficient liquidity; and (iii) defendants’ positive statements about ModivCare’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

What Now: You may be eligible to participate in the class action against ModivCare. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by March 31, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Rosen Law Firm: Some law firms issuing releases about this matter do not actually litigate securities class actions. Rosen Law Firm does. Rosen Law Firm is a recognized leader in shareholder rights litigation, dedicated to helping shareholders recover losses, improving corporate governance structures, and holding company executives accountable for their wrongdoing. Since its inception, Rosen Law Firm has obtained over $1 billion for shareholders.

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