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Case Page

 

Case Status:    ONGOING    
On or around 05/13/2022 (Date of last review)

Filing Date: May 12, 2022

This is a class action on behalf of persons and entities that purchased or otherwise acquired Oscar Health, Inc. Class A common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s March 2021 initial public offering.

According to the Complaint, Oscar Health, Inc. is purportedly a health insurance company that claims to be the first “built around a full stack technology platform” which will “allow [Oscar] to continue to innovate like a technology company and not a traditional insurer.”

The Complaint alleges that the Registration Statement was materially false and misleading and omitted to state: (1) that Oscar was experiencing growing COVID-19 testing and treatment costs; (2) that Oscar was experiencing growing net COVID costs; (3) that Oscar would be negatively impacted by an unfavorable prior year Risk Adjustment Data Validation (RADV) result relating to 2019 and 2020; (4) that Oscar was on track to be negatively impacted by significant SEP membership growth; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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