ELV CLASS ACTION: Invest in Elevance Health, Inc.? Contact BFA Law about the Pending Securities Fraud Class Action to Potentially Recover Losses (NYSE:ELV)

Core Viewpoint - A lawsuit has been filed against Elevance Health, Inc. and certain senior executives for potential violations of federal securities laws, specifically related to the management of Medicaid benefits during the COVID-19 pandemic [1][2]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the Southern District of Indiana, captioned Miller v. Elevance Health, Inc., et al., No. 25-cv-0092, with claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [2]. - Investors have until July 11, 2025, to request to be appointed to lead the case [2]. Group 2: Background on Medicaid Management - Elevance provides health insurance plans, including contracts with states to administer Medicaid benefits, which were paused during COVID-19 but resumed in 2023 [3]. - During the relevant period, Elevance claimed to be closely monitoring cost trends associated with the Medicaid redetermination process [4]. Group 3: Allegations and Financial Impact - Allegations state that the redetermination process led to a significant increase in the acuity and utilization of Elevance's Medicaid members, which was not reflected in the company's rate negotiations or financial guidance for 2024 [5]. - Following the announcement of increased Medicaid utilization on July 17, 2024, Elevance's stock price fell by $32.21 per share, nearly 6%, from $553.14 to $520.93 [6]. - On October 17, 2024, Elevance reported Q3 2024 results, missing consensus EPS expectations by $1.33, or 13.7%, due to elevated medical costs in its Medicaid business, resulting in a stock price decline of $52.61 per share, nearly 11%, from $496.96 to $444.35 [7].