A securities class action lawsuit has been filed against Elevance Health Inc. on behalf of investors who purchased its securities between April 18, 2024, and October 16, 2024. The lawsuit, initiated by Berger Montague PC, alleges that Elevance misrepresented its monitoring of cost trends associated with Medicaid eligibility redeterminations. Contrary to the company's assurances, the redetermination process led to a significant rise in the utilization of Medicaid members, as healthier individuals were removed from the programs. This shift was not accurately reflected in Elevance's rate negotiations or financial guidance for 2024. Investors have until July 11, 2025, to seek appointment as a lead plaintiff in the case. Elevance, based in Indianapolis, Indiana, provides health insurance plans, including Medicaid benefits.
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