Robbins Geller Rudman & Dowd LLP announces that
SAN DIEGO, January 9, 2022 (GLOBE NEWSWIRE) – Robbins Geller Rudman & Dowd LLP announces that buyers of: (a) Bright Health Group, Inc. (NYSE: BHG) common shares in accordance with and / or traceable to offering documents issued in connection with Bright Health’s initial public offering conducted on or about June 24, 2021 (the ââ IPO â); and / or (b) Bright Health titles between June 24, 2021 and November 10, 2021, both dates inclusive (the âRecourse Periodâ) have until March 7, 2022 to seek appointment as lead applicant in Mark c. Bright Health Group, Inc., n Â° 22-cv-00101 (EDNY). Started January 6, 2022, Luminous health The class action lawsuit accuses Bright Health and some of its senior executives and directors of violations of the Securities Act of 1933 and / or the Securities Exchange Act of 1934.
If you wish to serve as the principal applicant of the Luminous health class action, please fill in your information by clicking here. You can also contact the lawyer JC Sanchez from Robbins Geller by calling 800 / 449-4900 or emailing email@example.com. Principal applicant’s requests for Luminous health The class action must be filed with the court no later than March 7, 2022.
CASE ALLEGATIONS: Bright Health is an integrated healthcare delivery company providing and funding health insurance plans in the United States. As part of its IPO, Bright Health sold approximately 51 million common shares to the public at an offering price of $ 18.00 per share, for proceeds of approximately $ 887 million to Bright Health after rebates. and applicable subscription fees, and before expenses. On or about June 24, 2021, Bright Health common stock began trading on the New York Stock Exchange under the symbol BHG.
the Luminous health class action lawsuit alleges that the IPO offer documents were negligently prepared and, therefore, contained false statements of material fact or failed to state other facts necessary to make the statements made not misleading and did not not been prepared in accordance with the rules and regulations governing their preparation. the Luminous health The Class Action further alleges that the IPO Offer Documents and the Defendants throughout the Class Period made false and / or misleading statements and / or failed to disclose that: (i) Bright Health had overestimated its business and financial outlook after the IPO; (ii) Bright Health was ill-equipped to manage the impact of costs related to COVID-19; (iii) Bright Health was experiencing a decline in premium income due to a failure to capture the risk adjustment on newly added lives; (iv) all of the foregoing were reasonably likely to have a material adverse effect on the business and financial condition of Bright Health; and (v) accordingly, the IPO offering documents and the defendants’ public statements throughout the Class Period were materially false and / or misleading and did not indicate the information required to be included therein.
On November 11, 2021, Bright Health released its third quarter 2021 results. Among other results, Bright Health reported earnings per share of $ 0.48 as calculated under US generally accepted accounting principles, missing 0 , $ 31 consensus estimates. Bright Health also reported a sharp increase in Bright Health’s medical cost ratio (“MCR”), informing investors that its MCR “for the third quarter of 2021 was 103.0%, which includes an unfavorable impact of 540. basis points of COVID-19 costs and an unfavorable impact of 900 basis points mainly due to a cumulative reduction in premium income due to an inability to capture the risk adjustment on the new added lives. At this news, Bright Health’s share price has fallen more than 32%, hurting investors.
From the time on Luminous health a class action lawsuit has been filed, the price of Bright Health common shares continues to trade below the offering price of $ 18.00 per share.
THE MAIN COMPLAINANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who has purchased: (a) Bright Health common stock in accordance with and / or traceable to offering documents issued in connection with Bright Health’s IPO; and / or (b) Bright Health Securities during the Recourse Period to seek appointment as lead applicant in the Luminous health class action lawsuit. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class which is also typical and adequate of the putative class. A lead applicant acts on behalf of all other class members by ordering Luminous health class action lawsuit. The lead plaintiff can choose a law firm of their choice to litigate the case. Luminous health class action lawsuit. The ability of an investor to participate in any potential future recovery of the Luminous health the class action is not dependent on serving as the principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $ 7.2 billion – in In re Enron Corp. Dry. Litigation. The 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller # 1 for recovering $ 1.6 billion for investors that year, more than double the amount recovered by any other company from securities claimants. Please visit http://www.rgrdlaw.com for more information.
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