NEW YORK, May  18, 2025  (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Elevance Health, Inc. (“Elevance” or the “Company”) (NYSE: ELV).   Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Elevance and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until July 11, 2025 to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Elevance securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

[Click here for information about joining the class action]

On July 17, 2024, Elevance hosted a conference call to discuss its financial results for the second quarter of 2024.  During the call, Chief Executive Officer (“CEO”) Gail Boudreaux revealed that “[a]s a result of redeterminations, our Medicaid membership mix has shifted, resulting in increased acuity,” and Chief Financial Officer (“CFO”) Mark Kaye stated that Elevance was now “expecting second-half utilization to increase in Medicaid.”  Kaye elaborated that the Company was “seeing signs of increased utilization across the broader Medicaid population, including in outpatient home health, radiology, durable medical equipment, as well as some elective procedures.”

On this news, Elevance’s stock price fell $32.21 per share, or 5.8%, to close at $520.93 per share on July 17, 2024.

Then, on October 17, 2024, Elevance hosted a conference call to discuss its financial results for the third quarter of 2024.  During the call, CEO Boudreaux revealed that the Company’s “third quarter adjusted diluted earnings per share were $8.37, which was below our expectations, primarily due to elevated medical costs in our Medicaid business.”  Boudreaux further revealed that Elevance had reduced its full-year outlook for adjusted diluted earnings per share (“EPS”) from $37.20 to “approximately $33”—despite the fact that the Company had reiterated its EPS guidance just three months earlier.  When questioned about the sudden change in Medicaid cost trends, CFO Kaye explained that “we experienced accelerated cost trends in Medicaid throughout the third quarter” and “saw unfavorable prior-period development related to the current year, specifically in our Medicaid business.”

On this news, Elevance’s stock price fell $52.61 per share, or 10.6%, to close at $444.35 per share on October 17, 2024.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising.  Prior results do not guarantee similar outcomes.

CONTACT: Danielle Peyton
Pomerantz LLP
[email protected] ext. 7980