According to the Complaint, UnitedHealth Group Inc. is a health care and well-being company comprised of two distinct and complementary businesses: Optum and UnitedHealthcare. UnitedHealthcare provides health insurance to individuals, employers, and small businesses and is the largest insurance provider in the United States. Optum provides healthcare-related services, including software solutions, payment services, and data analytics.
On January 6, 2021, UnitedHealth announced an agreement to acquire Change Healthcare and integrate it into its Optum business. Change is a healthcare technology company that provides data solutions aimed at improving clinical decision making and simplifying payment processes across the healthcare system.
On February 27, 2024, the Wall Street Journal reported that the DOJ had re-opened an antitrust investigation into UnitedHealth, investigating the relationships between the Company’s various segments, including Optum.
The Complaint alleges that, throughout the Class Period, UnitedHealth repeatedly assured investors that it had taken steps to avoid anti-competitive behavior, including by setting up “robust firewall processes” to prevent customer sensitive information (“CSI”) from being shared between UnitedHealthcare and Optum after the merger. The Complaint further alleges that UnitedHealth's assurances artificially inflated the price of UnitedHealth’s common stock during the Class Period. After the publication of the article in the Wall Street Journal, UnitedHealth's stock price fell precipitously.
On July 29, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a Consolidated Complaint on October 4. On November 25, Lead Plaintiff filed a Supplemental Consolidated Complaint. On February 21, 2025, Lead Plaintiff re-filed the Supplemental Consolidated Complaint.
On March 21, 2025, Lead Plaintiff filed an Amended Consolidated Complaint. On May 14, Lead Plaintiff filed a Supplemental First Amended Consolidated Complaint. On June 24, Lead Plaintiff filed a Second Supplemental Consolidated Complaint.
