SHAREHOLDER NOTICE: Faruqi & Faruqi, LLP Investigates Claims On Behalf Of Investors Of Elevance Health

(MENAFN- PR Newswire) Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See .

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that defendants represented to investors that they were closely monitoring cost trends associated with the redetermination process and that the premium rates Elevance was negotiating with states were sufficient to address the risk and cost profiles of those patients staying on Medicaid programs. While Defendants acknowledged that Medicaid expenses were rising, they repeatedly assured investors that this was adequately reflected in the Company's guidance for the year.

The truth began to emerge on July 17, 2024, when the Company revealed that it was now "expecting second-half utilization to increase in Medicaid."

In response to this disclosure, the price of Elevance common stock declined by $32.21 per share, or 5.8%. However, Defendants continued to make false, reassuring statements to investors concerning the extent of the cost increase and how that was accounted for in the Company's full year guidance.

The truth was further revealed on October 17, 2024, when Elevance announced its financial results for the third quarter of 2024, revealing that the Company had missed consensus earnings per share ("EPS") expectations for the quarter by $1.33, or 13.7%, "due to elevated medical costs in [its] Medicaid business." Elevance further revealed that it was lowering EPS guidance for 2024 from $37.20 to $33.00, or 11.3%, as it expected these Medicaid issues to continue. T

These disclosures caused the price of Elevance common stock to decline by another $52.61 per share, or 10.6%.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Elevance's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Elevance Health class action, go to /ELV or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) .

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