UnitedHealth falls on report of criminal probe for possible Medicare fraud
Shares of health insurer UnitedHealth Group UNH.N fall 6.2% to $288.70 premarket
The Wall Street Journal reported late on Wednesday that the U.S. Department of Justice is carrying out a criminal investigation into UnitedHealth for possible Medicare fraud
The DOJ's healthcare-fraud unit is overseeing the criminal investigation, which focuses on the company's Medicare Advantage business practices, the Journal reported, citing people familiar with the matter
"While we had hoped Tuesday’s nearly 18% decline had represented a bottom for the stock, adequately pricing incremental utilization risk in our view, the WSJ report rekindles headline risk, which fueled volatility earlier in the year"- RBC Capital Markets
On Tuesday, UNH's CEO, Andrew Witty, stepped down unexpectedly, and the company simultaneously suspended its 2025 financial forecast due to rising medical costs
Up to last close, stock down 39.1% YTD
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