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AGL.US
id: 1145
Agilon Health (AGL) Disappointing Financial Results Case
W.D. Texas
Court1:24-cv-00297
Case number01/09/2023
Class period Start01/04/2024
Class period End05/20/2024
Lead Plaintiff motion deadline- $AGL stockholder filed a claim vs. agilon health for misleading about their financial results and business prospects.
- On January 5, 2024, news of the lowering profit forecasts caused $AGL to fall 28%, losing $1.4B+ in shareholder value.
On November 2, 2023, agilon disclosed lower-than-expected Q3 results due to higher utilization and medical costs.
- Agilon decreased revenue forecast for 2023 and disclosed that agilon had raised its accounting reserve for previous medical expenses.
Following this news, $AGL dropped 13% the next day.
On January 5, 2024, agilon revealed another cut to its 2023 profit forecasts.
Additionally, they dislosed that their CFO, Timothy Bensley, would retire, to be replaced later in the year.
On this news, $AGL plummeted 28% the same day.
Based on these events, $AGL stockholder filed a claim against agilon and its leaders, accusing them of the following:
- Agilon touted its visibility into utilization trends and medical costs.
- They didn't disclose increased medical costs due to higher healthcare usage by MA patients.
Considering all the representations, investors have reasons to suspect that agilon misled about accounting reserves, business model effectiveness, and financial guidance.
Case Status
Motion to dismiss
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
01/05/2024
Filing date
03/19/2024
Lead Plaintiff Deadline
05/20/2024