Elevance Health(US:ELV) Prnewswireยท2025-06-10 13:55Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Elevance Health, Inc. due to allegations of false and misleading statements regarding the company's financial health and Medicaid cost management [2][4]. Group 1: Legal Investigation - The law firm is encouraging investors who suffered losses in Elevance between April 18, 2024, and October 16, 2024, to discuss their legal options [1]. - A federal securities class action has been filed against Elevance, with a deadline of July 11, 2025, for investors to seek the role of lead plaintiff [2]. Group 2: Allegations Against Elevance - The complaint alleges that Elevance and its executives violated federal securities laws by making false statements about their monitoring of cost trends and the adequacy of premium rates for Medicaid patients [4]. - The company acknowledged rising Medicaid expenses but assured investors that these were adequately reflected in their guidance for the year [4]. Group 3: Stock Price Impact - Following the disclosure on July 17, 2024, regarding increased Medicaid utilization, Elevance's stock price fell by $32.21 per share, or 5.8% [5]. - On October 17, 2024, Elevance reported third-quarter earnings that missed consensus EPS expectations by $1.33, or 13.7%, and lowered its EPS guidance for 2024 from $37.20 to $33.00, causing a further decline in stock price by $52.61 per share, or 10.6% [6].