NEW YORK, May 1, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Molina Healthcare, Inc. ("Molina" or the "Company") (NYSE: MOH). Such investors are advised to contact Robert S. Willoughby at rel="nofollow">rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Molina and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 28, 2016, Molina reported that it had missed its earnings targets for the quarter ended March 31, 2016, and sharply cut full-year 2016 earnings guidance, citing higher costs tied to administrative capacity issues. On this news, Molina's share price fell $12.46, or 19.4%, to close at $51.76 on April 29, 2016.
On February 15, 2017, Molina announced its financial and operating results for the quarter and year ended December 31, 2016, advising investors that the Company could not commit to Affordable Care Act ("ACA") Health Exchange participation beyond 2017. On this news, Molina's share price fell $10.71, or 17.88%, to close at $49.18 on February 16, 2017.
Then, on August 2, 2017, Molina announced its financial and operating results for the quarter ended June 30, 2017, reporting a net loss of $230 million for the quarter, termination of its ACA Health Exchange participation in Utah and Wisconsin, and a major restructuring plan. During the Company's related earnings call, Molina disclosed to investors that its administrative infrastructure was inadequate to sustain Molina's rapid growth. On this news, Molina's share price fell $3.92, or 5.92%, to close at $62.32 on August 3, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rel="nofollow">rswilloughby@pomlaw.com
888-476-6529 ext. 9980
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SOURCE Pomerantz LLP