NEW YORK, Aug. 28, 2025 (GLOBE NEWSWIRE) -- Kirby McInerney LLP reminds investors who purchased SelectQuote, Inc. (“SelectQuote” or the “Company”) (NYSE: SLQT) securities to contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests in the securities fraud class action lawsuit at no cost.
If you suffered a loss on your SelectQuote investments, you have until October 10, 2025 to request lead plaintiff appointment. Follow the link below for more information:
[CONTACT THE FIRM IF YOU SUFFERED A LOSS]
What Happened?
On May 1, 2025, the U.S. Department of Justice (“DOJ”) filed a False Claims Act complaint against SelectQuote, alleging, “[f]rom 2016 through at least 2021” SelectQuote received “tens of millions of dollars” in “illegal kickbacks” from health insurance companies in exchange for steering Medicare beneficiaries to enroll in the insurers’ plans. Further, SelectQuote, in exchange for kickbacks, engaged in a conspiracy with major insurers to illegally discriminate against beneficiaries deemed to be less profitable, including those with disabilities. The DOJ concluded that SelectQuote made materially false claims by stating it offers “unbiased coverage comparisons” when in fact it “repeatedly directed Medicare beneficiaries to the plans offered by insurers that paid them the most money, regardless of the quality or suitability of the insurers’ plans.”. On this news, the price of SelectQuote shares declined by $0.61 per share, or approximately 19.2%, from $3.17 per share on April 30, 2025 to close at $2.56 on May 1, 2025.
What Is The Lawsuit About?
The lawsuit has been filed on behalf of investors who purchased securities during the period of September 9, 2020 through May 1, 2025, inclusive (“the Class Period”). The lawsuit 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: (1) that the Company was directing Medicare beneficiaries to the plans offered by insurers that best compensated SelectQuote, regardless of the quality or suitability of the insurers plans; (2) that SelectQuote did not provided unbiased comparison shopping for Medicare Advantage insurance plans; (3) that SelectQuote received illegal kickbacks to steer Medicare beneficiaries to certain insurers and limit enrollment in competitors plans; (4) that as a result, SelectQuote had not complied with applicable laws, regulations, and contractual provisions; and (5) that SelectQuote was vulnerable to regulatory and legal sanctions as a result of its conduct, including claims that it had violated the False Claims Act.
[CLICK HERE TO LEARN MORE ABOUT THE CLASS ACTION]
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
