SAN DIEGO, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of ModivCare, Inc. (NASDAQ: MODV). The lawsuit seeks to recover losses on behalf of investors who acquired securities between November 3, 2022, and September 15, 2024. Investors have until March 31, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.

If you incurred significant losses and want to act as the lead plaintiff in the ModivCare, Inc. class action lawsuit or determine if you are eligible to receive a potential recovery of your losses, please submit your details here: https://www.johnsonfistel.com/investigations/modivcare-inc

Contact for More Information: James Baker, (619) 814-4471, jimb@johnsonfistel.com or fjohnson@johnsonfistel.com

The Class Action alleges that, during the Class Period, Defendants made misleading statements and omissions regarding the Company's business, financial condition, and prospects. Specifically, Defendants misled the market regarding the ability of its contracts to stabilize cash flow.

As the truth about ModivCare's business reached the market, the price of ModivCare's stock suffered significant declines, harming investors. For example, on September 16, 2024, before market hours, ModivCare filed a press release on a Form 8-K with the Securities and Exchange Commission, titled "Modivcare Provides Financial Update." Therein, the Company revised its 2024 Adjusted EBITDA guidance range from $185-$195 million to $170-$180 million, "primarily due to NEMT segment pricing accommodations made to strategically retain and expand key customer relationships." On this news, the Company's stock price fell $1.40 or nearly 10%, from $14.12 per share on September 15, 2024, to close at $12.72 per share on September 16, 2024, on unusually high trading volume.

Investor Action Steps: Shareholders who incurred losses during the class period, have until March 31, 2025, to move the court to become a lead plaintiff in this action. A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.

About Johnson Fistel, LLP | Top Law Firm, Securities Fraud, Investors Rights:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. We also extend our services to foreign investors who have purchased on US exchanges. Stay updated with news on stock drops and learn how Johnson Fistel, LLP can help you recover your losses. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.

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Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com

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