SAN DIEGO, June 03, 2024 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that the Humana class action lawsuit seeks to represent purchasers or acquirers of Humana Inc. (NYSE: HUM) common stock between July 27, 2022 and January 24, 2024, inclusive (the “Class Period”). Captioned Iron Workers Local 401 Annuity Fund v. Humana Inc., No. 24-cv-00655 (D. Del.), the Humana class action lawsuit charges Humana and certain of Humana’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Humana class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-humana-inc-class-action-lawsuit-hum.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
CASE ALLEGATIONS: Humana is a health insurance company that provides medical benefit plans to members.
The Humana class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that defendants downplayed pressures on Humana’s adjusted earnings-per-share resulting from increased medical costs associated with pent-up demand for healthcare procedures (especially as COVID concerns abated) which, contrary to Humana’s assurances, resulted in increased utilization rates and costs.
The Humana class action lawsuit further alleges that on June 13, 2023, UnitedHealth Group Inc., one of Humana’s principal health insurer competitors, revealed that it was seeing “higher levels” of outpatient care activity and suggested that this higher utilization was due to “pent-up demand or delayed demand being satisfied.” On this news, the price of Humana common stock fell more than 11%, according to the complaint.
Then, on June 16, 2023, the Humana class action lawsuit further alleges that Humana reported “higher than anticipated non-inpatient utilization trends, predominately in the categories of emergency room, outpatient surgeries, and dental services, as well as inpatient trends that have been stronger than anticipated in recent weeks, diverging from historical seasonality patterns.” On this news, the price of Humana common stock fell, according to the complaint.
The Humana class action lawsuit further alleges that on January 18, 2024, Humana revealed that its benefits expense ratio had increased to approximately 91.4% for the fourth quarter of 2023 and approximately 88% for the full year 2023. On this news, the price of Humana common stock fell nearly 8%, according to the complaint.
Finally, on January 25, 2024, the complaint further alleges that Humana announced a loss of $4.42 per share for the fourth quarter of 2023 that was “driven by higher than anticipated inpatient utilization . . . and a further increase in non-inpatient trends,” and stated that it expected the higher level of medical costs would “persist throughout 2024.” On this news, the price of Humana common stock fell nearly 12%, according to the Humana class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Humana common stock during the Class Period to seek appointment as lead plaintiff in the Humana class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Humana class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Humana class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Humana class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
Attorney advertising.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
