NEWTOWN,
Pa., July 12, 2024 /PRNewswire/ --
Edelson Lechtzin LLP, a leading class action law firm, is
investigating breach of fiduciary duty claims on behalf of
shareholders of UnitedHealth Group Incorporated (NYSE: UNH) between
March 14, 2022, and February 27, 2024, inclusive (the "Relevant
Period").
If you have substantial losses on your UNH investment or possess
non-public information concerning breaches of fiduciary duties by
company insiders, please contact Edelson Lechtzin LLP at
844-696-7492, by e-mail at elechtzin@edelson-law.com,
or online HERE.
Background on UnitedHealth.
UnitedHealth operates UnitedHealthcare and Optum. Optum provides
technology-enabled services to the healthcare market, while
UnitedHealthcare offers health insurance to individuals, employers,
and small businesses in the United
States.
The Claims
On January 6, 2021, UnitedHealth
announced that its Optum segment would acquire Change Healthcare, a
company that provides data solutions to improve clinical
decision-making and simplify healthcare payment processes. Both
Optum and Change Healthcare have access to highly sensitive
healthcare data. Despite numerous assurances to the investors and
the DOJ, it is alleged that there was never a
meaningful firewall to protect customer data.
Following the merger announcement, on February 24, 2022, the U.S. Department of Justice
("DOJ") filed a lawsuit seeking to block UnitedHealth from
completing this acquisition on the grounds that the proposed
business combination would violate antitrust laws. Specifically,
the DOJ alleged that a merger between Optim and Change
Healthcare would give United Health unparalleled access to
sensitive patient information. In September
2022, the DOJ lost at trial and the Change Healthcare
acquisition was allowed to proceed.
On February 27, 2024, The Wall
Street Journal reported that the DOJ had reopened its antitrust
investigation into UnitedHealth's acquisition of Change Healthcare.
This time, however, the DOJ focused on insider stock sales of more
than $100 million before news about
the Change Healthcare merger became public. On news of the DOJ's
renewed investigation, the price of UnitedHealth stock dropped 12%,
from a closing price of $525.32 per
share on February 26, 2024, to close
at $513.42 per share on February 27, 2024. UnitedHealth's stock continued
to decline, to close at $498.28 per
share on February 28, 2024, more than
$27 lower than the price on
February 26, 2024.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with
offices in Pennsylvania and
California. In addition to cases
involving securities and investment fraud, our lawyers
focus on class and collective litigation in cases alleging
violations of the federal antitrust laws, employee benefit plans
under ERISA, wage theft and unpaid overtime, consumer
fraud, and dangerous and defective drugs and medical
devices.
This press release may be considered Attorney Advertising in
some jurisdictions. No class has been certified in this case, so
you are not represented by counsel unless you retain one. You may
select counsel of your choice. You may also remain an absent class
member and do nothing at this point. Your ability to share in any
potential future recovery is not dependent upon serving as lead
plaintiff.
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SOURCE Edelson Lechtzin LLP