The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Oscar Health, Inc. who purchased Class A common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s March 2021 initial public offering.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that:
(1) Oscar was experiencing growing COVID-19 testing and treatment costs; (2) Oscar was experiencing growing net COVID costs; (3) Oscar would be negatively impacted by an unfavorable prior year Risk Adjustment Data Validation result relating to 2019 and 2020; (4) Oscar was on track to be negatively impacted by significant SEP membership growth; and (5) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 11, 2022 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.