Investors who lost money with shares of Elevance Health, Inc. (NYSE: ELV) should contact the Shareholders Foundation in connection with Lawsuit

An investor in shares of Elevance Health, Inc. (NYSE: ELV) filed a lawsuit over alleged violations of Federal Securities Laws by Elevance Health, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Elevance Health, Inc. (NYSE: ELV) have certain options and for certain investors are short and strict deadlines running. Deadline: July 11, 2025. NYSE: ELV investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Indianapolis, IN based Elevance Health, Inc., together with its subsidiaries, operates a healthcare company that, among other things, provides health insurance plans to a variety of markets. This includes contracting with states to administer Medicaid benefits for eligible beneficiaries. Elevance prices premiums based on the historical and expected cost to provide benefits. Among other things, the cost of providing health benefits to members is driven by the level of care a patient requires, often referred to as "acuity," and the members' utilization of the health benefits.
States regularly conduct an eligibility review to "redetermine" whether Medicaid beneficiaries still qualify for coverage. In response to the COVID pandemic, the federal government temporarily disallowed states from redetermining the eligibility of Medicaid recipients. The moratorium on redetermination was lifted in 2023, and states resumed the redetermination process. Most states expected to finish the redetermination process by mid-2024.

On July 17, 2024, Elevance Health, Inc. revealed that it was now "expecting second-half utilization to increase in Medicaid."

On October 17, 2024, Elevance Health, Inc., announced its financial results for the third quarter of 2024, revealing that the Company had missed consensus earnings per share ("EPS") expectations for the quarter by $1.33, or 13.7%, "due to elevated medical costs in [its] Medicaid business." Elevance further revealed that it was lowering EPS guidance for 2024 from $37.20 to $33.00, or 11.3%, as it expected these Medicaid issues to continue.

Elevance Health, Inc. (NYSE: ELV) reported that its annual Total Revenue rose from over $171.34 billion in 2023 to over $176.81 billion in 2024, and that its Net Income declined from $5.987 billion in 2023 to $5.98 billion in 2024.

Shares of Elevance Health, Inc. (NYSE: ELV) declined from $559.95 per share on September 16, 2024, to as low as $362.21 per share on December 19, 2024.

The plaintiff claims that between April 18, 2024, and October 16, 2024, the Defendants represented to investors that they were closely monitoring cost trends associated with the redetermination process and that the premium rates Elevance was negotiating with states were sufficient to address the risk and cost profiles of those patients staying on Medicaid programs, that in fact, sicker patients with higher acuity tended to remain on Medicaid after redetermination, leading to higher per-patient costs, that 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 that as a result, the Complaint alleges Defendants' positive statements concerning Elevance's close monitoring of the redeterminations, the actuarial soundness of its rates and the prudence of its forecasts were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Elevance Health, Inc. (NYSE: ELV) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.