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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Oscar Health, Inc. - OSCR

NEW YORK, May 17, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Oscar Health, Inc. (“Oscar” or the “Company”) (NYSE: OSCR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Oscar and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

In March 2021, Oscar conducted its initial public offering (“IPO”), selling 36,391,946 shares of Class A common stock at a price of $39.00 per share.  On August 12, 2021, Oscar disclosed that the Company’s Medical Loss Ratio (“MLR”) for the second quarter of 2021 was 82.4%, an increase of 2170 basis points year-over year.  The Company claimed that “[t]he MLR increased to 82.4% in 2Q21 from 60.7% in 2Q20, primarily driven by meaningfully lower utilization in 2Q20 as a result of COVID-19, as well as higher COVID-19 testing and treatment costs and a return to more normalized utilization in 2Q21.”  The Company also disclosed that its net loss for the quarter was $73.1 million, an increase of $32.1 million year-over-year.  On November 10, 2021, Oscar disclosed that its third quarter 2021 MLR increased 920 basis points year-over-year, to 99.7%.  The Company claimed that the MLR increase was “primarily driven by higher net COVID costs as compared to the net benefit in 3Q20, an unfavorable prior year Risk Adjustment Data Validation (RADV) result, and the impact of significant SEP membership growth.”  The Company also disclosed that its net loss for the quarter was $212.7 million, an increase of $133.6 million year-over-year.  During a conference call held the same day, Scott Blackley, the Company’s Chief Financial Officer, stated: “We recognized approximately $20 million of risk adjustment expense this quarter related to our risk adjustment data validation audit or RADV results. The RADV exercise is atypical this year due to COVID. It spans two years, 2019 and 2020. The majority of the RADV headwinds relate to the 2019 audit results, which were recently completed.” 

On this news, Oscar’s stock price fell $4.05 per share, or 24.5%, to close at $12.47 per share on November 11, 2021

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980


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