Elevance Health, Inc.

Case Overview
22 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 07/11/2025 |
Status: | Status: Investigating |
Company Name: | Company Name: Elevance Health, Inc. |
Case Number: | Case Number: 1:25cv00923 |
Class Period: | Class Period: 04/18/2024 - 10/16/2024 |
Ticker: | Ticker: ELV |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of Indiana on behalf of those who acquired Elevance Health, Inc. (“Elevance” or the “Company”) (NYSE:ELV) securities during the period from April 18, 2024, through October 16, 2024 (“the Class Period”). Investors have until July 11, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On July 17, 2024, Elevance revealed that it was now “expecting second-half utilization to increase in Medicaid” and that it was “seeing signs of increased utilization across the broader Medicaid population, including n outpatient home health, radiology, durable medical equipment, as well as some elective procedures.” On this news, the price of Elevance shares declined by $32.21 per share, from $553.14 per share on July 16, 2024, to close at $520.93 on July 17, 2024.
At the same time, however, Elevance made false, reassuring statements to investors regarding the extent of the cost increase and how that was accounted for in the Company’s full year guidance. For example, on July 17, 2024, CEO Gail Boudreaux claimed that the Company had “prudently maintained [its] full-year outlook given industry-wide dynamics we are navigating in our Medicaid business.”
Then, on October 17, 2024, Elevance announced its financial results for the third quarter of 2024, revealing that the Company had missed consensus earnings per share (“EPS”) expectations for the quarter by $1.33, or 13.7%, “due to elevated medical costs in [its] Medicaid business.” Elevance further revealed that it was lowering EPS guidance for 2024 from $37.20 to $33.00, or 11.3%, as it expected these Medicaid issues to continue. On this news, the price of Elevance shares declined by $52.61 per share, or approximately 11%, from $496.96 per share on October 16, 2024, to close at $444.35 on October 17, 2024.
The complaint alleges that defendants, throughout the Class Period, failed to disclose the true state of the costs associated with the Company’s Medicaid redetermination process.
On July 17, 2024, Elevance revealed that it was now “expecting second-half utilization to increase in Medicaid” and that it was “seeing signs of increased utilization across the broader Medicaid population, including n outpatient home health, radiology, durable medical equipment, as well as some elective procedures.” On this news, the price of Elevance shares declined by $32.21 per share, from $553.14 per share on July 16, 2024, to close at $520.93 on July 17, 2024.
At the same time, however, Elevance made false, reassuring statements to investors regarding the extent of the cost increase and how that was accounted for in the Company’s full year guidance. For example, on July 17, 2024, CEO Gail Boudreaux claimed that the Company had “prudently maintained [its] full-year outlook given industry-wide dynamics we are navigating in our Medicaid business.”
Then, on October 17, 2024, Elevance announced its financial results for the third quarter of 2024, revealing that the Company had missed consensus earnings per share (“EPS”) expectations for the quarter by $1.33, or 13.7%, “due to elevated medical costs in [its] Medicaid business.” Elevance further revealed that it was lowering EPS guidance for 2024 from $37.20 to $33.00, or 11.3%, as it expected these Medicaid issues to continue. On this news, the price of Elevance shares declined by $52.61 per share, or approximately 11%, from $496.96 per share on October 16, 2024, to close at $444.35 on October 17, 2024.
The complaint alleges that defendants, throughout the Class Period, failed to disclose the true state of the costs associated with the Company’s Medicaid redetermination process.