SHAREHOLDER ALERT: Kaskela Law LLC Announces Investigation of InnovAge Holding Corp. and Encourages Long-Term Investors to Contact the Firm - INNV

PHILADELPHIA, May 11, 2022

Current InnovAge stockholders who purchased or acquired shares of the Company's stock prior to September 21, 2021 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by email (abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/innovage-holding-corp/ , for additional information about this investigation and their legal rights and options.

In March 2021, InnovAge completed its initial public offering ("IPO") of common stock, selling 19 million shares of stock to investors at a price of $21.00 per share.

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." Reportedly, such "deficiencies relate to failures to provide covered services, provide accessible and adequate services, manage participants' medical situations, and oversee use of specialists, among others." 

Following this news, shares of the Company's stock fell $2.90 per share, or 25% in value, to close at $8.75 per share on September 22, 2021, on unusually heavy trading volume.

InnovAge investors are encouraged to contact Kaskela Law LLC for additional information about this investigation.  Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation.  For additional information about the firm please visit www.kaskelalaw.com. 

CONTACT:   
D. Seamus Kaskela, Esq.  
Adrienne Bell, Esq.  
KASKELA LAW LLC  
18 Campus Blvd., Suite 100  
Newtown Square, PA 19073  
(888) 715 – 1740  
(484) 229 – 0750  
www.kaskelalaw.com