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Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Encourages Elevance Health, Inc. (ELV) Investors To Inquire About Securities Fraud Class Action

By: via Business Wire

Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, announces that a securities fraud class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Elevance Health, Inc. (“Elevance” or the “Company”) (NYSE: ELV) common stock between April 18, 2024, and October 16, 2024, inclusive (the “Class Period”). Elevance investors have until July 11, 2025 to file a lead plaintiff motion.

IF YOU SUFFERED A LOSS ON YOUR ELEVANCE HEALTH, INC. (ELV), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS

What Happened?

On July 17, 2024, Elevance disclosed that it was “expecting second-half utilization to increase in Medicaid” and that it was “seeing signs of increased utilization across the broader Medicaid population, including in outpatient home health, radiology, durable medical equipment, as well as some elective procedures.”

On this news, Elevance’s stock price fell $32.21, or 5.8%, to close at $520.93 per share on July 17, 2024, thereby injuring investors.

Then, on October 17, 2024, Elevance released its third quarter 2024 financial results, missing EPS consensus estimates by 13.7% “due to elevated medical costs in [its] Medicaid business.” Additionally, the Company lowered its EPS guidance for 2024 by 11.3%.

On this news, Elevance’s stock price fell $52.61, or 10.6%, to close at $444.35 per share on October 17, 2024, thereby injuring investors further.

What Is The Lawsuit About?

The complaint filed in this class action 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 that: (1) sicker patients with higher acuity tended to remain on Medicaid after redetermination, leading to higher per-patient costs; (2) 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 (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Elevance securities during the Class Period, you may move the Court no later than July 11, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:

Charles Linehan, Esq.,

Glancy Prongay & Murray LLP,

1925 Century Park East, Suite 2100,

Los Angeles California 90067

Email: shareholders@glancylaw.com

Telephone: 310-201-9150,

Toll-Free: 888-773-9224

Visit our website at www.glancylaw.com.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Contact Us:

Glancy Prongay & Murray LLP,

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

Charles Linehan

Email: shareholders@glancylaw.com

Telephone: 310-201-9150

Toll-Free: 888-773-9224

Visit our website at: www.glancylaw.com.

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