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INNV.US
id: 1591

InnovAge (INNV) Investor Settlement

Late claims are being considered for compensation, subject to approval.
$27,000,000
Cash Settlement
D. Colorado
Court
1:21-cv-02770
Case number
03/04/2021
Class period Start
12/22/2021
Class period End
11/05/2025
Claim deadline
InnovAge ($INNV) has reached a settlement with investors over claims that it misled them about the quality of care and regulatory compliance at its healthcare centers following its IPO.

Outline

In 2021, InnovAge went public, promoting its model of coordinated care for frail seniors. But later that year, regulators found serious care and staffing deficiencies at key facilities. As enrollment at major centers was suspended, $INNV dropped over 78%, and investors filed a lawsuit.

Timeline

  • March 4, 2021 – InnovAge completed its IPO.
  • September 17, 2021 – CMS suspended enrollment at InnovAge’s Sacramento center due to care quality issues.
  • September 23, 2021 – $INNV dropped over 50%.
  • October 14, 2021 – Investors filed a lawsuit, alleging InnovAge misled them about care quality and compliance.
  • December 23, 2021 – Enrollment at all Colorado centers was suspended.
  • December 23, 2021 – Stock fell another 36%.
  • May 2025 – InnovAge agreed to settle investor claims.

Background

InnovAge provides healthcare services to seniors through the Program of All-Inclusive Care for the Elderly (PACE), which Medicare and Medicaid primarily fund. At the time of its IPO in March 2021, the company marketed its care model as scalable, compliant, and high-quality.

However, later that year, state and federal agencies identified serious problems at several InnovAge facilities. These included chronic understaffing, delays in treatment, and failure to provide essential services.

In September 2021, CMS suspended new patient enrollment at the company’s Sacramento center. By December, InnovAge's Colorado centers—accounting for over half of its revenue—also faced enrollment freezes.

As these issues became public, $INNV fell from a high of nearly $26 to under $6.

In October 2021, investors sued InnovAge for misrepresenting the quality of care and regulatory compliance at its facilities.

What Can Investors Expect Now?

InnovAge ($INNV) has reached a settlement with investors over claims that it misled them about the quality of care and regulatory compliance at its healthcare centers following its IPO.

If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Case Type
US Securities Class Action
Case Status
Accepting Late Claims
Alleged Offence
Misleading Statements, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.699
Filing date
10/14/2021
Plaintiffs
El Paso Firemen & Policemen’s Pension Fund ; San Antonio Fire & Police Pension Fund ; Indiana Public Retirement System
Attorneys
Cohen Milstein Sellers & Toll PLLC; Fairfield and Woods, P.C.
Defendants
Maureen Hewitt; Barbara Gutierrez
Judge
William J. Martínez
Administrator
Strategic Claims Services
Court hearing date
11/26/2025
Exclusion deadline
11/05/2025
Objection deadline
11/05/2025
Attorney fee
$6,200,000
Class wide damages
$276,960,237
Trades matching type
FIFO

Frequently Asked Questions

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