PACS Group restates Q1-Q2 2024 revenue; overstatement estimated at $61-65M

PACS Group, Inc.

Audit Committee concludes Q1 2024 and Q2 2024 financials should no longer be relied upon.
Revenue overstated by $15-17M for Q1 2024 and $46-48M for Q2 2024 due to Medicare Part B respiratory and therapy billing.
Restatement linked to compliance uncertainties and revenue recognition under ASC 606; material weaknesses expected.
Audit Committee investigation nearing completion; no integrity issues found for CEO, CFO, or CAO.
Company remains delinquent on Q3 2024, FY 2024, and Q1 2025 filings; NYSE extended compliance deadline to Sept 2, 2025.

item 4.02

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