NEW ORLEANS — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr. on Bright Health, remind investors that they have until March 7, 2022 to file lead plaintiff applications in a securities class action lawsuit against Bright Health Group, Inc. (NYSE: BHG), if they purchased the Company’s securities between June 24, 2021 and November 10, 2021, inclusive (the “Class Period”) and/or purchased or otherwise acquired the Company’s shares pursuant to the Company’s June 2021 initial public offering (the “IPO”). This action is pending in the United States District Court for the Eastern District of New York.
What You May Do
If you purchased securities or shares of Bright 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 (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-bhg/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by March 7, 2022.
About the Lawsuit
Bright Health and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws.
On November 11, 2021, the Company reported its 3Q2021 results, disclosing earnings per share below consensus estimates as well as an increase in the Company’s medical cost ratio due to COVID-19 related costs and “a cumulative reduction in premium revenue due to an inability to capture risk adjustment on newly added lives.”
On this news, shares of Bright Health fell $2.36 per share, or 32.33%, to close at $4.94 per share on November 11, 2021.
The case is Marquez v. Bright Health Group, Inc., et al., No. 22-cv-00101.
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.
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