Deadline Approaching: Elevance Health, Inc. (ELV) Investors Who Lost Money Urged To Contact Law Offices of Howard G. Smith
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Elevance Health, Inc. ('Elevance' or the 'Company') (NYSE: ELV) common stock between April 18, 2024, and October 16, 2024, inclusive (the 'Class Period').
IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN ELEVANCE HEALTH, INC. (ELV), CONTACT THE LAW OFFICES OF HOWARD G. SMITH TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT.
Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@howardsmithlaw.com, by telephone at (215) 638-4847 or visit our website at www.howardsmithlaw.com.
What Happened?
On July 17, 2024, Elevance disclosed that it was 'expecting second-half utilization to increase in Medicaid' and that it was 'seeing signs of increased utilization across the broader Medicaid population, including in outpatient home health, radiology, durable medical equipment, as well as some elective procedures.'
On this news, Elevance's stock price fell $32.21, or 5.8%, to close at $520.93 per share on July 17, 2024, thereby injuring investors.
Then, on October 17, 2024, Elevance released its third quarter 2024 financial results, missing EPS consensus estimates by 13.7% 'due to elevated medical costs in [its] Medicaid business.' Additionally, the Company lowered its EPS guidance for 2024 by 11.3%.
On this news, Elevance's stock price fell $52.61, or 10.6%, to close at $444.35 per share on October 17, 2024, thereby injuring investors further.
What Is The Lawsuit About?
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) sicker patients with higher acuity tended to remain on Medicaid after redetermination, leading to higher per-patient costs; (2) this increase in cost was occurring at a rate that was not adequately reflected in Elevance's rate negotiations with the states or in its financial guidance for 2024; and (3) 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 or otherwise acquired Elevance common stock during the Class Period, you may move the Court no later than July 11, 2025 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements.
Contact Us To Participate or Learn More:
If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020,
Telephone: (215) 638-4847
Email: howardsmith@howardsmithlaw.com,
Visit our website at: www.howardsmithlaw.com.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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