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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 11, 2022 to file lead plaintiff applications in a securities class action lawsuit against Oscar Health, Inc. (NYSE: OSCR), if they purchased or acquired the Company’s Class A common stock pursuant and/or traceable to the Company’s March 2021 initial public offering (the “IPO”).
Oscar Health and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement, violating federal securities laws.
On November 10, 2021, the Company disclosed a net loss for the quarter of $212.7 million, an increase of $133.6 million year-over-year, and that its Medical Loss Ratio (“MLR”) for the third quarter 2021 increased 920 basis points year-over-year, to 99.7%, “primarily driven by higher net COVID costs as compared to the net benefit in 3Q20, an unfavorable prior year Risk Adjustment Data Validation (RADV) result, and the impact of significant SEP membership growth.”
On this news, shares of Oscar Health fell $4.05 per share, or 24.5%, to close at $12.47 per share on November 11, 2021.
If you purchased or acquired shares of Oscar Health as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or fill out the form on this page.
The case is Carpenter v. Oscar Health, Inc., et al., Case No. 1:22-cv-03885.
Click here to read the first filed complaint.