BUZZ-UnitedHealth falls as Senator Chuck Grassley probes company's Medicare billing

Shares of healthcare conglomerate UnitedHealth UNH.N fall 1.53% to $454.4

U.S. Senator Chuck Grassley launches inquiry into UNH's Medicare billing practices amid reports suggesting the insurer may have leveraged billing rules to its advantage

Grassley, who heads the Senate Judiciary Committee, demanded the health insurer provide all records relating to the company's compliance program, training manuals and guidance documents to better understand its billing practices

Over the last several months, the Wall Street Journal has run a series of stories detailing how UnitedHealth profited from using Medicare billing rules to its favor.

"We welcome the opportunity to share the facts with Senator Grassley, especially given the ongoing misinformation campaign by the WSJ" - UNH statement

Stock has fallen 13.4% in the past 12 months