ELV LEGAL NEWS: A Class Action was filed on behalf of Elevance Health, Inc. Investors after 11% Stock Drop – Contact BFA Law by July 11 Court Deadline (NYSE:ELV)

Core Viewpoint - A lawsuit has been filed against Elevance Health, Inc. and certain senior executives for potential violations of federal securities laws, specifically related to misleading statements about Medicaid cost trends and financial guidance [1][2]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the Southern District of Indiana, captioned Miller v. Elevance Health, Inc., et al., No. 25-cv-0092 [2]. - Investors have until July 11, 2025, to request to be appointed to lead the case [2]. Group 2: Company Operations and Allegations - Elevance provides health insurance plans, including Medicaid benefits, and was under scrutiny for its handling of Medicaid eligibility redeterminations that resumed in 2023 after a pause during COVID [3]. - The company claimed to be monitoring cost trends related to the redetermination process and believed its negotiated rates were adequate for the risk profiles of Medicaid patients [4]. Group 3: Financial Impact and Stock Performance - Allegations suggest that the redetermination process led to a significant increase in the acuity and utilization of Elevance's Medicaid members, which was not reflected in the company's financial guidance for 2024 [5]. - Following a statement on July 17, 2024, regarding increased Medicaid utilization, Elevance's stock price fell by $32.21, nearly 6$553.14 to $520.93 per share [6]. - On October 17, 2024, Elevance reported Q3 2024 results, missing consensus EPS expectations by$1.33, or 13.7%, due to elevated medical costs in its Medicaid business, resulting in a stock price decline of $52.61, nearly 11$496.96 to $444.35 per share [7].