ModivCare (MODV) Prnewswire·2025-03-24 09:45Core Viewpoint - ModivCare Inc. is facing allegations of making false statements and concealing information that negatively impacted its financial performance, particularly in its Non-Emergency Medical Transportation (NEMT) segment [1][2]. Group 1: Allegations and Financial Impact - The complaint alleges that certain contracts in ModivCare's NEMT segment caused a deterioration in the company's free cash flow [1]. - As a result of these issues, the company experienced negative impacts on its adjusted EBITDA due to contract renegotiations and pricing accommodations [1]. - The company was reported to have insufficient liquidity, and the defendants' positive statements regarding the company's business and prospects were deemed materially misleading [1]. Group 2: Class Action Details - The class period for the allegations is from November 3, 2022, to September 15, 2024 [1]. - Shareholders who purchased shares during this period are encouraged to register for the class action, with a deadline set for March 31, 2025 [2]. - Participants will be enrolled in a portfolio monitoring software to receive updates throughout the case lifecycle [2].