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Investigation
11/11/2021
Initial Lawsuit
01/06/2022
Lawsuit Progression
04/26/2022
Plaintiff brings this federal securities class action on behalf of a class consisting of all persons and entities other than defendants (defined in the complaint) that purchased or otherwise acquired:
(a) Bright Health common stock pursuant and/or traceable to the offering documents issued in connection with the company’s initial public offering (IPO) conducted on or about June 24, 2021; and/or
(b) Bright Health securities between June 24, 2021 and November 10, 2021, both dates inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) Bright Health had overstated its post-IPO business and financial prospects;
(ii) the company was ill-equipped to handle the impact of COVID-19-relatedcosts;
(iii) the company was experiencing a decline in premium revenue because of a failure to capture risk adjustment on newly added lives;
(iv) all the foregoing was reasonably likely to have a material negative impact on Bright Health’s business and financial condition; and
(v) as a result, the offering documents and defendants’ public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.
