| COMPANY |
ModivCare Inc. |
| COURT |
United States District Court for the District of Colorado |
| CASE NUMBER |
25-cv-00306 |
| JUDGE |
Honorable Kathryn A. Starnella |
| CLASS PERIOD |
November 3, 2022 through September 15, 2024 |
| SECURITY TYPE |
Securities |
Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired ModivCare Inc. (“ModivCare” or the “Company”) (NASDAQ: MODV) securities between November 3, 2022 and September 15, 2024, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) certain of the Company’s non-emergency medical transportation (“NEMT”) contracts, rather than mitigating the risks to cash flow as ModivCare asserted, actually negatively impacted its free cash flow; (2) contract renegotiations and pricing accommodations negatively impacted the Company’s adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”); (3) ModivCare had insufficient liquidity; and (4) as a result, Defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On March 31, 2025, Movants filed Motions to Appoint as Lead Plaintiff. This action is ongoing
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.