Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Oscar Health, Inc. (NYSE: OSCR), if they purchased or acquired the Company’s Class A common stock and/or traceable to the Company’s March2021 initial public offering (the “IPO”).
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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 11, 2022 to request that the court appoint them lead plaintiff.