After the Journal’s report on the criminal investigation, UnitedHealth Group said in a statement: “We have not been notified by the Department of Justice of the supposed criminal investigation reported, without official attribution, in the Wall Street Journal today. The WSJ’s reporting is deeply irresponsible, as even it admits that the ‘exact nature of the potential criminal allegations is unclear.’”
While striking a different tone on Thursday, the company cited its previously announced plan for a series of third-party reviews on risk assessment coding, managed care practices and pharmacy services, saying they would “provide our stakeholders transparency and confidence in the company’s practices.”
“The company is committed to maintaining the integrity of its business practices and serving as reliable stewards of American tax dollars,” the company said in its filing.
As of 1:50 p.m., UnitedHealth Group shares were trading below $280. In early December, the price was $610 per share.
“Since pulling guidance after [the first quarter], investor sentiment has deteriorated significantly amid a series of negative headlines spanning both company-specific and broader industry headwinds,” analysts at Deutsche Bank wrote in a note to investors earlier this week. “These include ongoing investigation into medical coding practices.”
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