InnovAge Holdings Corp.
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InnovAge completed its IPO in March 2021, with the sale of approximately 18,995,901 shares of common stock at a price of $21.00 per share. After the market closed on September 21, 2021, InnovAge revealed that the Centers for Medicare and Medicaid Services (“CMS”) had “determined to freeze new enrollments at [the Company’s] Sacramento center based on deficiencies detected in [a recent] audit.” The Company stated that these “deficiencies relate to failures to provide covered services, provide accessible and adequate services, manage participants’ medical situations, and oversee use of specialists, among others.” On September 22, 2021, Innovage’s stock price fell $2.90, or nearly 25%, on this news, to close at $8.75 per share.