NEW ORLEANS, Jan. 14, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until March 7, 2022 to file lead plaintiff applications in a securities class action lawsuit against Bright Health Group, Inc. (NYSE:BHG), if they purchased the Company’s securities between June 24, 2021 and November 10, 2021, inclusive (the “Class Period”) and/or purchased or otherwise acquired the Company’s shares pursuant to the Company’s June 2021 initial public offering (the “IPO”). This action is pending in the United States District Court for the Eastern District of New York.
Bright Health investors should visit us at https://claimsfiler.com/cases/nyse-bhg/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Bright Health and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws.
On November 11, 2021, the Company reported its 3Q2021 results, disclosing earnings per share below consensus estimates as well as an increase in the Company’s medical cost ratio due to COVID-19 related costs and “a cumulative reduction in premium revenue due to an inability to capture risk adjustment on newly added lives.”
On this news, shares of Bright Health fell $2.36 per share, or 32.33%, to close at $4.94 per share on November 11, 2021.
The case is Marquez v. Bright Health Group, Inc., et al., No. 22-cv-00101.
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