According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Centene’s enrollment and morbidity rates. Investor...
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According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Centene’s enrollment and morbidity rates. Investors began to question the veracity of defendants’ public statements on July 1, 2025, when Centene issued a press release withdrawing 2025 guidance. Particularly, following an analysis of the 2025 Health Insurance Marketplace, Centene’s overall market growth across 22 states, or 72% of the Company’s marketplace membership, was lower than expected. In pertinent part, the Company stated that this preliminary analysis resulted in a reduction of its previously issued guidance to approximately $1.8 billion or an adjusted diluted EPS of $2.75. Following this news, Centene’s common stock declined dramatically, from a closing market price of $56.65 per share on July 1, 2025, Centene’s stock price fell to $33.78 per share on July 2, 2025, a decline of 40.4%.