NEW YORK, March 20, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of agilon health, inc. (NYSE: AGL)?
- Did you purchase your shares pursuant and/or traceable to the Company’s May 2023 SPO, or between January 9, 2023 and January 4, 2024, inclusive?
- Did you lose money in your investment in agilon health, inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired: (a) agilon health, inc. (“agilon” or the “Company”) common stock between January 9, 2023 and January 4, 2024, both dates inclusive (the “Class Period”); and/or (b) agilon common stock pursuant and/or traceable to the Company’s May 2023 secondary public offering (the “SPO”). The lawsuit was filed in the United States District Court for the Western District of Texas and alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 (the “Complaint”).
If you purchased or acquired agilon common stock, including pursuant to the SPO, and/or would like to discuss your legal rights and options please visit agilon health, inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, throughout the Class Period and in the SPO Materials, Defendants misled investors about agilon’s medical costs by: (1) touting the Company’s purported visibility into utilization trends and medical costs; (2) failing to disclose increased medical costs that agilon had incurred prior to and during the Class Period due to higher utilization of healthcare by MA patients; (3) falsely stating that its incurred-but-not-reported (IBNR) Reserve was adequate; (4) making false and misleading statements about the effectiveness of its business model; (5) issuing overly optimistic financial guidance; and (6) issuing risk disclosures that were materially false and misleading because they characterized adverse facts that had already materialized as mere possibilities.
As a result of these materially false and misleading statements and omissions, agilon stock traded at artificially high prices during the Class Period as investors were conditioned to believe that the Company’s medical cost expenses were lower than represented. In May 2023, Defendants took advantage and profited enormously by selling hundreds of millions worth of their agilon stock through the SPO at the inflated price of $21.50 per share.
On January 5, 2024, agilon surprised investors by lowering its 2023 profit forecasts for the second time in three months. Specifically, agilon reduced its 2023 Medical Margin and Adjusted EBITDA outlooks by more than $110 million and $73 million, respectively. Agilon also announced that its Chief Financial Officer, Timothy Bensley, would retire and be replaced later in the year.
On this news, agilon’s common stock price fell $3.45 per share, or over 28%, to close at $8.63 per share on January 5, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than May 20, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired agilon common stock, including pursuant to the SPO, and/or would like to discuss your legal rights and options please visit agilon health, inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
