PACS Group (NYSE: PACS) is delaying releasing its quarterly earnings for the first quarter – a federal requirement for publicly traded companies – the nursing home giant stated in a Securities and Exchange Commission (SEC) filing Friday.

The Utah-based operator has missed filing financial results for three straight quarters.

PACS is undergoing a federal investigation following allegations made by an institutional short seller, the now-defunct Hindenburg Research, into the nursing home giant’s referral and reimbursement practices.

The company intends to file its quarterly report for the quarter ended March 31 “as soon as practicable, following or concurrent” with its third and fourth quarter reports for 2024 as well as the yearly results, explaining in the SEC filing that it cannot file the results without incurring “unreasonable effort or expense.”

The company’s executives are currently facing a shareholder lawsuit tied to an alleged scheme to submit false Medicare claims and failing to alert investors that the false claims were the main driver of the company’s earnings between 2020 and 2023.

The complaint also claims that the company abused a Covid-era waiver to inappropriately access skilled nursing Medicare benefits for thousands of patients.

“[PACS] and its personnel have been and continue to be cooperating in the investigation, and the Audit Committee has made substantial progress towards reaching conclusions from the investigation,” the SEC filing noted.