INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of UnitedHealth Group Incorporated (UNH) Investors

Business Wire 16-May-2024 2:56 PM

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased UnitedHealth Group Incorporated ("UnitedHealth" or the "Company") (NYSE:UNH) common stock between March 14, 2022 and February 27, 2024, inclusive (the "Class Period"). UnitedHealth investors have until July 15, 2024 to file a lead plaintiff motion.

Investors suffering losses on their UnitedHealth investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On February 27, 2024, The Wall Street Journal reported that the U.S. Department of Justice ("DOJ") had launched an investigation into UnitedHealth, examining relationships between the Company's UnitedHealthcare insurance unit and its Optum health-services arm, which owns physician groups, among other assets.

On this news, UnitedHealth's stock price fell $27.04, or 5.1%, over two consecutive trading days, to close at $498.28 per share on February 28, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) UnitedHealth never established proper firewalls between Optum and UnitedHealthcare as required by its own policy, and as it told the court in the antitrust action, the DOJ and investors it would do; (2) Firewalls were never properly created for certain business applications; (3) Despite assurances to the contrary, there was never a meaningful technological separation between Optum and UnitedHealthcare that prevented the sharing of customer sensitive information; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased UnitedHealth common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240516831319/en/