NEW ORLEANS, May 13, 2022 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 11, 2022 to file lead plaintiff applications in a securities class action lawsuit against Oscar Health, Inc. (NYSE: OSCR), if they purchased or acquired the Company's Class A common stock pursuant and/or traceable to the Company's March 2021 initial public offering (the "IPO"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased or acquired shares of Oscar Health as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nyse-oscr/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 11, 2022.
About the Lawsuit
Oscar Health and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement, violating federal securities laws.
On November 10, 2021, the Company disclosed a net loss for the quarter of $212.7 million, an increase of $133.6 million year-over-year, and that its Medical Loss Ratio ("MLR") for the third quarter 2021 increased 920 basis points year-over-year, to 99.7%, "primarily driven by higher net COVID costs as compared to the net benefit in 3Q20, an unfavorable prior year Risk Adjustment Data Validation (RADV) result, and the impact of significant SEP membership growth."
On this news, shares of Oscar Health fell $4.05 per share, or 24.5%, to close at $12.47 per share on November 11, 2021.
The case is Carpenter v. Oscar Health, Inc., et al., Case No. 1:22-cv-03885.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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