NEW ORLEANS, May 30, 2022 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and his KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors that they have until July 11, 2022 to file lead plaintiff claims in a securities class action lawsuit against Oscar Health, Inc. (NYSE: OSCR), whether they purchased or acquired the company’s Class A common stock pursuant to the Company’s March 2021 initial public offering (the “IPO”). This action is pending in the United States District Court for the Southern District of New York.
What you can do
If you have purchased or acquired shares of Oscar Health as above and would like to discuss your legal rights and how this matter may affect you and your right to recover your economic loss, you may, without obligation or cost for you, contact KSF Managing Partner Lewis Kahn toll free at 1-877-515-1850 or by email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-oscr/ to know more. If you wish to act as lead plaintiff in this class action, you must submit a motion to the court in July 11, 2022.
About the trial
Oscar Health and certain of its executives are accused of failing to disclose material information in its IPO registration statement, in violation of federal securities laws.
On November 10, 2021, the Company announced a net loss for the quarter of $212.7 million, an increase of $133.6 million year-over-year, and that its medical loss ratio ( “MLR”) for the third quarter of 2021 was up 920 basis points year over year, to 99.7%, “primarily due to higher net COVID costs versus 3Q20 net income , an unfavorable result of the validation of risk adjustment data (RADV) from the previous year and the impact of the significant growth in membership of the SEP”.
On this news, shares of Oscar Health fell $4.05 per share, or 24.5%, to close at $12.47 per share on November 11, 2021.
The deal is Carpenter v. Oscar Health, Inc., et al., Case No. 1:22-cv-03885.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s leading securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, fund managers and retail investors – in seeking recoveries for investment losses resulting from corporate fraud or malfeasance by listed companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you can visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras Street, Suite 3200
New Orleans, LA 70163