11:13 AM EDT, 06/17/2025 (MT Newswires) -- Pacs Group ( PACS ) shares were up over 17% in recent trading on Tuesday, a day after the company said that an audit committee investigation is substantially complete and that it will restate its financial statements for the three months ended March 31, 2024, and the three and six months ended June 30.

The operator of skilled nursing facilities said it needs to re/evaluate revenue recognition for certain respiratory and other therapy services billed under Medicare Part B, due to regulatory and billing uncertainties identified during the ongoing investigation.

Pacs said it determined that total revenue was overstated by approximately $15 million to $17 million for Q1 2024 and $46 million to $48 million for Q2 2024.

Price: 11.93, Change: +1.79, Percent Change: +17.61