ModivCare, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On May 4, 2023, ModivCare published its financial results for the first quarter of 2023, revealing a decline in cash flow from operations. As a result, ModivCare’s stock price dropped by $11.30, or 16.3%, closing at $58.00 per share on that same day, causing losses for investors.
On August 3, 2023, after the market closed, ModivCare released its financial report for the second quarter of 2023, disclosing that the company had encountered a significant increase in a “large payable balance” which negatively affected its cash flow during the quarter. Following this announcement, ModivCare’s stock price fell by $2.86, or 7.5%, to $35.38 per share on August 4, 2023.
Then, on February 23, 2024, ModivCare published its fourth-quarter 2023 results, reporting negative cash flow for the quarter, with expectations that this trend would continue into the first half of fiscal year 2024. This news led to a sharp decline in ModivCare’s stock price by $17.25, or 39.3%, to close at $26.62 per share on February 23, 2024.
On September 12, 2024, ModivCare announced plans to take steps to raise additional capital, including filing a shelf registration statement with the SEC to improve liquidity. The news caused the company’s stock price to drop by $18.43, or 59.1%, closing at $12.76 per share on September 12, 2024.
Finally, on September 16, 2024, ModivCare provided a financial update, lowering its 2024 Adjusted EBITDA guidance range from $185–$195 million to $170–$180 million, primarily due to pricing adjustments in the NEMT segment made to retain and expand key customer relationships. As a result, ModivCare’s stock price fell by $1.40, or 9.9%, closing at $12.72 per share on September 16, 2024, further harming investors.
