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NEW YORK, Nov. 15, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Oscar Health, Inc. ("Oscar" or the "Company") (NYSE: OSCR). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Oscar and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around March 3, 2021, Oscar conducted its initial public offering ("IPO"), selling approximately 37 million shares of stock priced at $39.00 per share. Then, on May 13, 2021, Oscar reported its earnings for the first time since the Company's IPO. Among other results, Oscar reported a loss of $87.4 million, or $0.98 per share, for the first quarter of 2021, compared to analysts estimates that the Company would report a loss of only $0.53 per share.
On this news, Oscar's stock price fell $1.63 per share, or 7.36%, to close at $20.51 per share on May 13, 2021.
Then, on November 10, 2021, Oscar reported its financial results for the third quarter of 2021. Among other items, Oscar reported both GAAP earnings per share and revenue that missed consensus estimates, advising investors that the Company "experienced volatility on [its] Medical Loss Ratio as short-term pressures from COVID, Special Enrollment Period ('SEP') membership growth and prior year risk adjustments created headwinds in the quarter[.]"
On this news, Oscar's stock price fell $4.05 per share, or 24.52%, to close at $12.47 per share on November 11, 2021
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
Robert S. Willoughby
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SOURCE Pomerantz LLP