Overview

A class action lawsuit has been filed against ModivCare, Inc. (“ModivCare” or the “Company”) and certain of the Company’s current senior executive officers alleging violations of the federal securities laws.  The Company’s common stock trades in an efficient market on the NASDAQ under the ticker symbol “MODV.”

The ModivCare class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired ModivCare securities between November 3, 2022, and September 15, 2024, both dates inclusive (the “Class Period”).  Investors have until March 31, 2025, to seek appointment as lead plaintiff in the ModivCare class action lawsuit.

ModivCare provides a suite of integrated supportive care solutions for public and private payors and their members.

The ModivCare class action lawsuit alleges that Defendants, throughout the Class Period, misled the market to believe certain contracts used in its non-emergency medical transportation (“NEMT”) segment mitigated risks to its free cash flow.  In reality, the Company’s free cash flow deteriorated throughout the Class Period.  When the truth began to reach the market, ModivCare’s stock price suffered significant declines, harming investors.

Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose adverse facts about the Company’s business, operations, and prospects.  Specifically, Defendants failed to disclose that certain contracts used in ModivCare’s NEMT segment caused the Company’s free cash flow to deteriorate and that, as a result, (1) contract renegotiations and pricing accommodations negatively impacted the Company’s adjusted EBITDA; (2) the Company had insufficient liquidity; and (3) Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired ModivCare securities between November 3, 2022, and September 15, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as lead plaintiff in the ModivCare class action lawsuit is March 31, 2025.