The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of UnitedHealth Group Incorporated (UNH) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired UnitedHealth Group Incorporated (“UnitedHealth” or the “Company”) (NYSE: UNH) common stock between March 14, 2022 and February 27, 2024, inclusive (the “Class Period”). UnitedHealth investors have until July 15, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On February 27, 2024, The Wall Street Journal reported that the U.S. Department of Justice (“DOJ”) had launched an investigation into UnitedHealth, examining relationships between the Company’s UnitedHealthcare insurance unit and its Optum health-services arm, which owns physician groups, among other assets.

On this news, UnitedHealth’s stock price fell $27.04, or 5.1%, over two consecutive trading days, to close at $498.28 per share on February 28, 2024, thereby injuring investors.

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) UnitedHealth never established proper firewalls between Optum and UnitedHealthcare as required by its own policy, and as it told the court in the antitrust action, the DOJ and investors it would do; (2) Firewalls were never properly created for certain business applications; (3) Despite assurances to the contrary, there was never a meaningful technological separation between Optum and UnitedHealthcare that prevented the sharing of customer sensitive information; and (4) 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.

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If you purchased UnitedHealth common stock during the Class Period, you may move the Court no later than July 15, 2024 to ask the Court to appoint you as lead plaintiff. 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. If you purchased UnitedHealth common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20240516441305/en/

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of UnitedHealth Group Incorporated (UNH) Investors