NEW YORK, May 25, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm announces that a lawsuit has been filed against Elevance Health, Inc. (NYSE: ELV) and certain of the Company’s senior executives for potential violations of the federal securities laws.

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Investors have until July 11, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased Elevance common stock.   The case is pending in the U.S. District Court for the Southern District of Indiana and is captioned Miller v. Elevance Health, Inc., et al., No. 25-cv-0092.

Elevance provides health insurance plans. This includes contracting with states to administer Medicaid benefits. States routinely review Medicaid eligibility, but during COVID, the federal government paused this process. The pause ended in 2023, and states resumed redetermining Medicaid eligibility.

During the relevant period, Elevance represented that it was closely monitoring the cost trends associated with the redetermination process and that the rates Elevance was negotiating were sufficient to address the risk profiles of those patients staying on Medicaid.

As alleged, in truth, the redeterminations caused a significant increase in the acuity and utilization of Elevance’s Medicaid members. What’s more, the shift occurred to a degree that was not reflected in Elevance’s rate negotiations or in its financial guidance for 2024.

On July 17, 2024, Elevance stated that it was now “expecting second-half utilization to increase in Medicaid” and that it was “seeing signs of increased utilization across the broader Medicaid population.” On this news, the price of Elevance stock declined $32.21 per share, or nearly 6%, from $553.14 per share on July 16, 2024, to $520.93 per share on July 17, 2024.

Then, on October 17, 2024, Elevance announced its Q3 2024 financial results, revealing that its missed consensus earnings per share (“EPS”) expectations by $1.33, or 13.7%, “due to elevated medical costs in [its] Medicaid business.” On this news, the price of Elevance stock declined $52.61 per share, or nearly 11%, from $496.96 per share on October 16, 2024, to $444.35 per share on October 17, 2024.

If you invested in Elevance you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Or contact:
Ross Shikowitz
[email protected]
212-789-3619

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