Law firm just confirmed they are opening an investigation for securities fraud against the Board of Directors. This roller coaster ride gets crazier eqch day.
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I agree with the first poster, tons of nepotism means friends of friends are hired as bosses and the mistakes they make are monumental, while blaming others for their problems. They also encourage an environment where nurses are to keep their mouths shut. We could never give advice, even though we were the experts in our field... only the management could make decisions and they made the stupidest decisions ever. I finally got out, as did 4 others in my department in the last 6 months. The HEDIS department is the worst. The IT department is the worst IT department any of us had ever seen. They are UNABLE to fix their own software and blame workers for it not working. Even the managers quietly admit that the IT department is the worse they've seen as well. Can't wait till they close up shop and go to jail.
And this topic hit the news again yesterday.....
https://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-molina-healthcare-inc--moh-300640322.html
SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Molina Healthcare, Inc. - MOH
The investigation concerns whether Molina and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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.
I was once proud to be an employee of MOH, despite the toxic environment and years of career inequity in the face of rampid nepotism, favoritism and bigotry, somewhere in all of that corporate disfunction we supported the disadvantaged. Like a bad relationship, hidden from family and friends but now the world knows and now this BOD investigation of securities fraud? This establishment is imploding fast!
https://www.thestreet.com/story/14256138/1/shareholder-alert-levi-korsinsky-llp-notifies-investors-of-an-investigation-involving-possible-securities-fraud-violations-by-the-board-of-directors-of-molina-healthcare-inc.html
Do you have a source or news article?