UNH SHAREHOLDER ALERT: Edelson Lechtzin LLP is Investigating Breach of Fiduciary Duty Claims on Behalf of UnitedHealth Group Incorporated (NYSE: UNH) Shareholders

PRNewswire 12-Jul-2024 4:42 PM

NEWTOWN, Pa., July 12, 2024 /PRNewswire/ -- Edelson Lechtzin LLP, a leading class action law firm, is investigating breach of fiduciary duty claims on behalf of shareholders of UnitedHealth Group Incorporated (NYSE:UNH) between March 14, 2022, and February 27, 2024, inclusive (the "Relevant Period").

If you have substantial losses on your UNH investment or possess non-public information concerning breaches of fiduciary duties by company insiders, please contact Edelson Lechtzin LLP at 844-696-7492, by e-mail at elechtzin@edelson-law.com, or online HERE.

Background on UnitedHealth.

UnitedHealth operates UnitedHealthcare and Optum. Optum provides technology-enabled services to the healthcare market, while UnitedHealthcare offers health insurance to individuals, employers, and small businesses in the United States.

The Claims

On January 6, 2021, UnitedHealth announced that its Optum segment would acquire Change Healthcare, a company that provides data solutions to improve clinical decision-making and simplify healthcare payment processes. Both Optum and Change Healthcare have access to highly sensitive healthcare data. Despite numerous assurances to the investors and the DOJ, it is alleged that there was never a meaningful firewall to protect customer data.

Following the merger announcement, on February 24, 2022, the U.S. Department of Justice ("DOJ") filed a lawsuit seeking to block UnitedHealth from completing this acquisition on the grounds that the proposed business combination would violate antitrust laws. Specifically, the DOJ alleged that a merger between Optim and Change Healthcare would give United Health unparalleled access to sensitive patient information. In September 2022, the DOJ lost at trial and the Change Healthcare acquisition was allowed to proceed.

On February 27, 2024, The Wall Street Journal reported that the DOJ had reopened its antitrust investigation into UnitedHealth's acquisition of Change Healthcare. This time, however, the DOJ focused on insider stock sales of more than $100 million before news about the Change Healthcare merger became public. On news of the DOJ's renewed investigation, the price of UnitedHealth stock dropped 12%, from a closing price of $525.32 per share on February 26, 2024, to close at $513.42 per share on February 27, 2024. UnitedHealth's stock continued to decline, to close at $498.28 per share on February 28, 2024, more than $27 lower than the price on February 26, 2024.

For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com

Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.

This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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SOURCE Edelson Lechtzin LLP