Robbins Geller Rudman & Dowd LLP announces that purchasers of Oscar Health, Inc. (OSCR) - Get Oscar Health Inc. Class A Report Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with Oscar Health's March 2021 initial public offering ("IPO") have until July 11, 2022 to seek appointment as lead plaintiff in Carpenter v. Oscar Health, Inc., No. 22-cv-03885 (S.D.N.Y.). Filed on May 12, 2022, the Oscar Health class action lawsuit charges Oscar Health, certain of its top executive officers and directors, as well as the IPO's underwriters with violations of the Securities Act of 1933. A similar lawsuit, Chehebar v. Oscar Health, Inc., No. 22-cv-04103, is also pending in the Southern District of New York.
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CASE ALLEGATIONS: Oscar Health is a health insurance company that claims to be the first such company "built around a full stack technology platform" which will "allow [Oscar Health] to continue to innovate like a technology company and not a traditional insurer." In the IPO, Oscar Health sold 36,391,946 shares of Class A common stock at a price of $39.00 per share.
The Oscar Health class action lawsuit alleges that the IPO's Registration Statement was materially false and misleading and omitted to state that: (i) Oscar Health was experiencing growing COVID-19 testing and treatment costs; (ii) Oscar Health was experiencing growing net COVID costs; (iii) Oscar Health would be negatively impacted by an unfavorable prior year Risk Adjustment Data Validation ("RADV") result relating to 2019 and 2020; (iv) Oscar Health was on track to be negatively impacted by significant Special Enrollment Period ("SEP") membership growth; and (v) as a result, defendants' positive statements about Oscar Health's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
By the commencement of the Oscar Health class action lawsuit, Oscar Health stock has traded as low as $5.76 per share, a more than 85% decline from the IPO price.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Oscar Health Class A common stock pursuant and/or traceable to the Registration Statement issued in connection with Oscar Health's IPO to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
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