Latest news with #BrianThompson
Business Insider
11 hours ago
- Business
- Business Insider
UnitedHealth Stock Collapse Continues: Here's What This Investor Thinks Will Happen Next
UnitedHealth (NYSE:UNH) is coming off another bruising week, with shares down 7% – bringing the 12-month decline to a steep 50% – as a string of PR crises continues to weigh heavily on investor sentiment. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Since the assassination of Brian Thompson, the CEO of its insurance division, in New York last year, the company has faced mounting scrutiny. Investors are increasingly uneasy about UnitedHealth's transparency, while the public has raised sharp concerns over its claims-handling practices. Given the reputational setbacks, investor A.J. Button believes the fallout could soon weigh on the company's bottom line. 'Bad PR can lead to brand damage,' he warns, 'which in turn can lead to policyholders taking their business elsewhere.' That said, Button acknowledges that the company's fundamentals remain relatively strong. UNH still boasts a robust balance sheet and solid profitability metrics, suggesting it has the financial strength to withstand pressure. 'Nevertheless,' Button cautions, 'the issues facing UnitedHealth right now are very real.' One of the most pressing red flags is the company's exceptionally high claim denial rate, reportedly the highest in the sector, according to multiple sources. While not catastrophic in itself, such a pattern could indicate flawed underwriting or strained claims infrastructure – issues that compound the reputational damage and hint at possible internal mismanagement. 'So,' Button adds, 'UnitedHealth has many qualities, good and bad.' On one hand, its financial footing and history of profitability provide a cushion. On the other, cracks are beginning to show: for fiscal 2024, its combined ratio hit 97.2% – right up against the industry's red line. Button argues that, before investors can have full confidence, the company needs to take meaningful action to shore up its underwriting performance. Whether that turnaround is underway remains an open question. UnitedHealth recently reinstated former CEO Stephen Helmsley, following the previous leader's departure. But the move has raised eyebrows, given that Helmsley is a longtime insider who presided over many of the company's earlier challenges. His return doesn't exactly scream transformation. A rebound is still possible – especially if the company takes decisive steps to restore trust and address internal inefficiencies. However, given the scale of its current controversies, Button advises investors to weigh the risks carefully. Even the stock's seemingly low P/E ratio doesn't present a compelling bargain relative to peers in the life and health insurance space. 'When considering a stock like UnitedHealth, with a good track record but an unprecedented new set of risk factors, it pays to be cautious,' the investor summed up. Can UnitedHealth Stock Bounce Back? Button assigns a 'low-conviction' buy rating on UNH shares – a nod to its potential, but with more than a few strings attached. (To watch Button's track record, click here) Wall Street, though, is a bit more upbeat. The stock holds 19 Buy recommendations, 6 Holds, and just 1 Sell, translating to a Moderate Buy consensus rating. With an average price target of $364.96, analysts are eyeing 29% upside from current levels. (See UNH stock forecast) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights.
CBS News
2 days ago
- Health
- CBS News
Luigi Mangione's attorneys accuse prosecutors of illegally obtaining his medical records
Attorneys for Luigi Mangione, the man accused of killing United HealthCare CEO Brian Thompson, say Manhattan prosecutors wrongfully obtained his medical records. Mangione's attorneys claim the Manhattan DA's office improperly compelled Aetna to turn over confidential information in violation of health privacy laws. "The District Attorney falsely made up a court date-May 23, 2025-and drafted a fraudulent subpoena that if Aetna did not provide documents on that date, it would be in contempt of Court," Mangione's attorney Karen Agnifilo wrote in a letter to the judge. "Because the District Attorney has taken possession of, and at least partially reviewed, Luigi Mangione's confidential doctor-patient privileged and HIPAA protected medical records, and further because the District Attorney misused the subpoena process to obtain these protected records, this Court should impose an appropriate sanction after conducting a full evidentiary hearing to uncover the extent and nature of the significant privilege and HIPAA violation intentionally caused by the prosecutors." Sources in the Manhattan DA's office say it requested limited information, but Aetna sent them additional materials in error, and that they deleted the materials as soon as they became aware of them. Agnifilo requested a hearing on the matter, and that, depending on the findings of the hearing, the judge consider "a range of appropriate sanctions, to include dismissal of the charges." It's not the first time Mangione's defense team has sought for charges to be dismissed. Back in May, Agnifilo alleged evidence in the case was illegally obtained, that the terror charges against Mangione didn't apply, and that concurrent state and federal charges violate the double jeopardy clause. Mangione has pleaded not guilty to murder and terror charges in Thompson's killing. He's due back in court in September.
New York Times
3 days ago
- Health
- New York Times
Health Insurers Are Denying More Drug Claims, Data Shows
Prescription drug denials by private insurers in the United States jumped 25 percent from 2016 to 2023, according to a new analysis of more than four billion claims, a practice that has contributed to rising public outrage about the nation's private health insurance system. The report, compiled for The New York Times by the medical data company Komodo Health, shows that denial rates rose from 18.3 percent to 22.9 percent. The rejections went up across many major health plans, including the country's largest private insurer, UnitedHealthcare. The data offers a rare look into the largely hidden world of rejected insurance claims. While some government-funded health plans are required to publish their denial rates, most private insurers keep that information confidential. Komodo draws from private databases that collect denial details from pharmacies, insurers and intermediaries. Claim denials are 'quite opaque, and a lot of decisions are made by private actors,' said Dr. Aaron Schwartz, a health economist at the University of Pennsylvania. 'There are legitimate questions about whether they are appropriate.' Widespread resentment toward health insurers boiled over last December after the murder of UnitedHealthcare's chief executive, Brian Thompson. Doctors and patients alike took to social media to share stories of insurers' refusal to pay for what they said was needed medical care. Experts who have studied denials said the skyrocketing costs of popular new weight loss medications and greater automation of the claims process with artificial intelligence may have contributed to the rising rejection rates. Drug denials by private plans have increased Denial rates were calculated using 4.5 billion claims from commercial health plans Source: Komodo Health By Sarah Kliff Denials went up at five major health plans Source: Komodo Health By: Sarah Kliff Want all of The Times? Subscribe.
Daily Mail
4 days ago
- Health
- Daily Mail
Luigi Mangione makes shocking claims of misconduct that could alter murder case against CEO alleged assassin
Attorneys representing accused assassin Luigi Mangione have made bombshell accusations of misconduct at the Manhattan District Attorney's Office, which could have major ramifications in his murder case. Mangione, 27, is facing murder as an act of terrorism charges in New York for the shooting death of 50-year-old United Healthcare CEO Brian Thompson last December. He has pleaded not guilty to the charges, and has spent the last several months inside the Metropolitan Detention Center in Brooklyn while his defense attorneys and New York City prosecutors prepare their case for an eventual trial. But Mangione's defense attorneys are now accusing the Manhattan District Attorney's Office of creating a 'fraudulent' subpoena to obtain his confidential medical information from the health insurance giant Aetna. They allege that the DA's Office subpoenaed Aetna without a court order - and received more than 100 pages of 'confidential, private, protected documents' with information about Mangione's medical diagnoses and complaints he made to medical providers. 'At a minimum, the District Attorney has admittedly violated Mr. Mangione's rights under [the Health Insurance Portability and Accountability Act] and has obtained access to confidential privileged information,' attorney Karen Friedman Agnifilo writes in the filing submitted to the New York State Supreme Court on Thursday. 'However, the situation is far worst than this,' she continued in the court documents obtained by saying the subpoena was 'false and fraudulent.' She then went on to ask Judge Gregory Carro to 'impose an appropriate sanction after conducting a full evidentiary hearing to uncover the extent and nature of the significant privilege and HIPAA violations.' These include the 'dismissal of all charges,' sanctions precluding prosecutors from accessing the documents 'and/or recusing any member of the District Attorney's staff ... from further involvement in this case.' According to the court documents, Assistant District Attorney Joel Seidemann drafted a subpoena to Aetna on May 14, telling the insurance company that prosecutors were seeking information about Mangione's account and how long he had been a member. The subpoena allegedly told Aetna that the documents were needed for a court date of May 23, 2025 - and if the insurance company did not provide related to the request by that date it could be found in contempt of court. In such a case, Aetna would be liable to a fine of $1,000 and its officers could face one year in prison, the subpoena reportedly warned. Agnifilo argues that these documents were never warranted in Mangione's trial 'as the People have maintained that this is a straightforward murder case.' She also claims that 'rather than having Aetna give the documents to the Court, as required by the already fraudulent subpoena, the District Attorney told Aetna to provide the documents directly to the District Attorney. Doing so, Agnifilo said, 'intentionally' excluded the Court from the subpoena process and ensured that prosecutors would 'secure these confidential medical records without either the court of Mr. Mangione's counsel knowing or being able to object.' The defense attorney went on to deny that the prosecutors did not know they had received confidential medical information, describing how each of the files sent to the Manhattan District Attorney's Office included in 'large type bold letters "Request for Protected Health Information."' The cover letter from Aetna also stated that the files were provided by the HIPAA Member Rights Teams and advised that the materials were to be kept confidential. 'It would be impossible for anyone to view a single page of these records and not immediately see they were private, confidential records within the scope of HIPAA,' Agnifilo writes. 'Yet the District Attorney's Office placed them into a discovery file and reviewed them,' she said, alleging that prosecutors even admitted to reviewing the documents but not doing so 'in their entirety.' 'We need sworn testimony to determine precisely what confidential medical files were reviewed, who reviewed them and when this review was conducted,' the attorney argued. 'We also need the computer forensic information of when these files were opened, by whom and for how long.' The filing concludes by claiming that Assistant District Attorney Zachary Kaplan spoke with a representative from Aetna on June 16, when he was informed that the insurance company 'mistakenly provided the defendant's "entire designated record set."' 'Rater than immediately alerting the Court and counsel, the District Attorney's Office sat on this information for another eight days, before disclosing that it was in possession of over a hundred pages of admittedly confidential, privileged medical information.' In a statement to the Manhattan District Attorney's Office said it will file its own response in court papers. 'As defense counsel knows, the People requested very limited information from Aetna, and Aetna sent us additional materials in error,' the office said. 'We deleted the materials as soon as we became aware of them and brought it to defense and the court's attention.' Prosecutors have claimed Mangione - the heir to a Maryland property fortune - mused about his intent to 'wack' an insurance executive in a notebook and wrote about rebelling against 'the deadly, greed fueled health insurance cartel. The DA's office quoted extensively from the notebook, highlighting his alleged praise for the Unabomber Ted Kaczynski as they fought to uphold his state charges. They also cited a confession they say he penned 'to the feds,' in which he wrote that 'it had to be done.' Manhattan District Attorney Alvin Bragg even called the ambush 'a killing that was intended to evoke terror.' But Mangione's attorneys have since been fighting to get the charges in New York dropped, arguing that they amount to double jeopardy, as the 27-year-old also faces a federal death penalty prosecution. If that fails, they are looking to have his terrorism charges dropped and prosecutors barred from using evidence collected at his arrest in December - including a 9mm handgun, ammunition inscribed with the words 'delay, deny, and depose' and the alleged manifesto. The defense and prosecutors are now scheduled to discuss any outstanding issues on September 16, according to Thursday's court filing. In the meantime, Mangione is being fiercely backed by a slew of fans who have praised him for his alleged actions and started a GiveSendGo page to raise money for his legal defense. Some have even made art depicting him as a saint, saying he is a hero who has taken a stand against America's broken healthcare system.
CBC
4 days ago
- Entertainment
- CBC
Is it too soon for a musical about Luigi Mangione?
Social Sharing When Luigi Mangione was arrested on suspicion of murdering the UnitedHealthcare CEO Brian Thompson, he quickly became a fixture in the minds of many on the internet and around the world. Just six months after Mangione's arrest, a company in San Francisco created a musical about him, Luigi: The Musical, that has been playing to sold-out crowds. Luigi: The Musical is a fictional reimagining of Mangione's time in prison (which he is still in as he awaits his trial), including interactions with rapper Sean "Diddy" Combs and crypto company founder Sam Bankman-Fried. Today on Commotion, host Elamin Abdelmahmoud chats with Toronto Star arts critic Joshua Chong and Bay Area Reporter arts editor Jim Provenzano about how this show came to be and where it fits in the history of musicals responding to current events. We've included some highlights below, edited for length and clarity. For the full discussion, listen and follow Commotion with Elamin Abdelmahmoud on your favourite podcast player. WATCH | Today's episode on YouTube: Elamin: Jim, if this is a work of satirism, poking fun at these systems that shape our lives, is [the musical] successful? Does it work as a satire when you see it? Jim: I think it worked as what they wanted to do. One [San Francisco] Chronicle reviewer was comparing it to the best of the theatre in the Bay Area, like Berkeley Repertory or American Conservatory Theater. You can't do that. You can compare it to, say, our local nightclub, OASIS, which does hilarious drag parodies of shows, of movies like Jurassic Park, which is currently running, even Dracula and other thematically pop trendy things. And they succeeded in that. It's a bare bones production, but the audiences just love it. And I'm not one for status quo or "let the masses have what they want." But it was clever, and they hit the mark. I think one phrase that stuck in my head [when] considering this show is: comedy is someone else's tragedy plus time and distance. And the thing that the negative critics have said about this is that there hasn't been enough time for people to process it. It's still ongoing, but the whole arrest and arraignment of Luigi Mangione was performative theatre in itself. Elamin: Yeah, I think that the ways that those images played in the press over and over again. You saw very detailed analysis of his haircuts …. It really was a very theatrical thing that played out. I'll tell you what draws my attention to the story [of Luigi: The Musical ]. It's using a kernel of the truth, a real thing that is happening, or did happen, which is that Diddy and Luigi and Sam Bankman-Fried, they were all incarcerated in the same facility in New York while awaiting various different trials. And Josh, we've talked before about the idea of adapting something that is happening in the news to the big screen, the idea that that can happen a little bit quickly. The idea that this, first of all, comes out during the Diddy trial, which is quite fascinating in terms of timing, but also ahead of Luigi's trial. The Luigi trial has not happened yet. Have we seen something like this before? Joshua: We have. And I think it's happening more recently. Look back in history, for example, the musical Chicago, it's based on real events. This journalist, who covered the trials of these women who allegedly murdered their husband and got off with it, she turned it into, I believe, a play at first, and then it was adapted into the musical that we now know as Chicago. But that took decades, right? It was decades. Elamin: The play was 1926. It took 50 years to get to the musical. Joshua: Same with Come From Away, right? 9/11. On the 10th anniversary, the Canadian writers went to Gander, interviewed the subjects, and then five years later, about 2016 — about 15 years after 9/11 — did Come From Away premiere. But we're starting to see things start to shift and musicals being a bit more reactive now. This musical, Luigi, isn't the first. Just last year at the Edinburgh Fringe Festival, there were two shows about Gwyneth Paltrow's ski trial — two of them, and they made international headlines. One of them was so successful that it transferred to the West End. So I think what we're seeing is composers and writers trying to capitalize on the cultural zeitgeist. I think the thinking in the past was that: no, there needed to be this time for people to reflect, and on playwrights to reflect and digest all of this before turning it into a theatrical work. And that we'd leave it for other mediums, like Saturday Night Live, to offer that instant reaction. But I think now musical theatre writers, such as the creators of this musical and the two Gwyneth Paltrow shows, are saying, "Why can't we be the ones that are reacting to this first?"
