Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, Feb. 03, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises ModivCare, Inc. ("ModivCare" or the "Company") (NASDAQ: MODV) investors of a class action representing investors that bought securities between November 3, 2022 and September 15, 2024, inclusive (the "Class Period"). ModivCare investors have until March 31, 2025 to file a lead plaintiff motion.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

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.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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