A federal securities class action lawsuit has been filed in USDC, S.D.N.Y., on behalf of all persons and entities that purchased or otherwise acquired Oscar Health, Inc. (“Oscar” or the “Company”), Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s March 2021 initial public offering (“IPO” or the “Offering”).
The Complaint alleges that the Registration Statement was materially false and misleading and omitted to state:
- that Oscar was experiencing growing COVID-19 testing and treatment costs;
- that Oscar was experiencing growing net COVID costs;
- that Oscar would be negatively impacted by an unfavorable prior year Risk Adjustment Data Validation (RADV) result relating to 2019 and 2020;
- that Oscar was on track to be negatively impacted by significant SEP membership growth; and
- that, 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.
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