NEW YORK, May 17, 2024 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP:
- Do you, or did you, own shares of UnitedHealth Group Inc. (NYSE: UNH)?
- Did you purchase your shares between March 14, 2022 and February 27, 2024, inclusive?
- Did you lose money in your investment in UnitedHealth Group Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of UnitedHealth Group Inc. (“UnitedHealth” or the “Company”) (NYSE: UNH) between March 14, 2022 and February 27, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Minnesota and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired UnitedHealth common stock, and/or would like to discuss your legal rights and options please visit UnitedHealth Group Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
UnitedHealth is a health care and well-being company comprised of two distinct and complementary businesses: Optum and UnitedHealthcare. UnitedHealthcare provides health insurance to individuals, employers, and small businesses and is the largest insurance provider in the United States. Optum provides healthcare-related services, including software solutions, payment services, and data analytics.
On February 24, 2022, the U.S. Department of Justice (“DOJ”) filed a lawsuit challenging UnitedHealth’s previously announced acquisition of Change Healthcare (“Change”). The DOJ alleged that the proposed acquisition would violate antitrust laws because the integration of Change and Optum would give UnitedHealth unparalleled access to information regarding nearly every health insurer, as well as health data on every single American. UnitedHealth assured the DOJ, investors and customers that Optum would “maintain robust firewall processes” to prevent confidential supervisory information (CSI) from being shared between Optum and UnitedHealthcare.
On February 27, 2024, the Wall Street Journal reported that the DOJ had re-opened its antitrust investigation into UnitedHealth. In that article, the public learned for the first time that the DOJ was investigating the relationships between the Company’s various segments, including Optum.
UnitedHealth was aware of the DOJ investigation since at least October 2023. Instead of disclosing this material investigation to investors or the public, UnitedHealth insiders sold more than $120 million of their personally held UnitedHealth shares. In the four months between learning about the DOJ investigation and the investigation becoming public, UnitedHealth’s Chairman Stephen Hemsley sold over $102 million of his personally held UnitedHealth shares and Brian Thompson, the CEO of UnitedHealthcare, sold over $15 million of his personally held UnitedHealth shares.
On this news, UnitedHealth’s stock price fell $15.14 per share, or 2.95%, to close at $498.28 per share on February 28, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than July 15, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired UnitedHealth common stock, and/or would like to discuss your legal rights and options please visit UnitedHealth Group Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
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