A group of investors sued UnitedHealthcare Group on Wednesday, accusing the company of misleading them after the killing of its CEO, Brian Thompson.
The lawsuit in U.S. District Court for the Southern District of New York, which seeks class action status, accuses the health insurance company of not initially adjusting its 2025 net earnings outlook to factor in how Thompson's killing would affect its operations.
On Dec. 3 — the day before Thompson was shot and killed — the company issued guidance that included net earnings of $28.15 to $28.65 per share and adjusted net earnings of $29.50 to $30.00 per share, the suit notes. And on Jan. 16, it announced that it was sticking with its old forecast.
The investors described that as “materially false and misleading,” pointing to the immense public scrutiny the company and the broader health insurance industry experienced in the wake of Thompson's killing.
The group, which seeks unspecified damages, argues that the public backlash prevented the company from pursuing "the aggressive, anti-consumer tactics that it would need to achieve" its earnings goals.
"As such, the Company was deliberately reckless in doubling down on its previously issued guidance," the suit reads.
The company eventually revised its 2025 outlook on April 17, citing a needed shift in corporate strategy — a move that caused its stock to drop more than 22% that day.
"The company denies any allegations of wrongdoing and intends to defend the matter vigorously," a UnitedHealthcare spokesperson said in a statement.
Thompson was shot and killed on the streets of New York City in broad daylight, sending shock waves across the nation.
Luigi Mangione, 27, has pleaded not guilty to federal and state charges. A legal defense fund for him surpassed $1 million in donations Tuesday.
