The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Oscar Health, Inc. (NYSE: OSCR) who purchased Class A common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s March 2021 initial public offering. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Oscar lawsuit alleges that (1) Oscar was experiencing growing COVID-19 testing and treatment costs; (2) Oscar was experiencing growing net COVID costs; (3) Oscar would be negatively impacted by an unfavorable prior year Risk Adjustment Data Validation result relating to 2019 and 2020; (4) Oscar was on track to be negatively impacted by significant SEP membership growth; and (5) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until July 11, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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