On February 16, 2017, at the request of the U.S. Department of Justice, a False Claims Act lawsuit against UnitedHealth was made public. According to the complaint, filed in 2011 under seal, UnitedHealth and other insurers had participated in a scheme to overcharge Medicare by "hundreds of millions — and likely billions — of dollars" for more than a decade.
On this news, UnitedHealth's share price fell $6.03, or 3.68%, to close at $157.62 on February 17, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP