NEW YORK, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Bright Health Group, Inc. (“Bright Health” or the “Company”) (NYSE: BHG), a health insurance and health services company that conducted its initial public offering on or about June 24, 2021 by selling approximately 51 million shares of common stock to the public at the offering price of $18 per share (the “IPO”). A complaint has been filed on behalf of investors who purchased or otherwise acquired (1) Bright Health common stock pursuant and/or traceable to the registration statement and prospectus (“the Offering Documents”) issued in connection with the IPO and/or (2) Bright Health securities between June 24, 2021 and November 10, 2021 (the “Class Period”).
On November 11, 2021, Bright Health reported its financial results for the third quarter of 2021, the Company’s first full quarter as a public company. Among other things, Bright Health reported a sharp rise in Bright Health's medical cost ratio ("MCR"), stating that its MCR "for the third quarter of 2021 was 103.0%, which includes a 540 basis point unfavorable impact from COVID-19 related costs and a 900 basis point unfavorable impact primarily from a cumulative reduction in premium revenue due to an inability to capture risk adjustment on newly added lives." The Company noted that this compared to its MCR in the third quarter of 2020, which was 90.1%.
Following this news, Bright Health stock fell $2.36 per share, over 32%, to close at $4.94 per share, significantly lower than the $18 per share IPO offering price.
If you are a member of the proposed Class, you may move the court no later than March 7, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 687-1980
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
