NEW ORLEANS, May 20, 2022 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until July 11, 2022 to file lead plaintiff applications in a securities class action lawsuit against Oscar Health, Inc. (NYSE: OSCR), if they purchased or acquired the Company's Class A common stock pursuant and/or traceable 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.
Oscar Health investors should visit us at https://claimsfiler.com/cases/nyse-oscr/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Oscar Health and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement, violating federal securities laws.
On November 10, 2021, the Company disclosed 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 2021 increased 920 basis points year-over-year, to 99.7%, "primarily driven by higher net COVID costs as compared to the net benefit in 3Q20, an unfavorable prior year Risk Adjustment Data Validation (RADV) result, and the impact of significant SEP membership growth."
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 case is Carpenter v. Oscar Health, Inc., et al., Case No. 1:22-cv-03885.
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
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