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BUZZ-UnitedHealth falls on report of criminal probe for possible Medicare fraud

Reuters05-15

BUZZ-UnitedHealth falls on report of criminal probe for possible Medicare fraud

** Shares of health insurer UnitedHealth Group UNH.N fall 6.2% to $288.70 premarket

** The Wall Street Journal reported late on Wednesday that the U.S. Department of Justice is carrying out a criminal investigation into UnitedHealth for possible Medicare fraud

** The DOJ's healthcare-fraud unit is overseeing the criminal investigation, which focuses on the company's Medicare Advantage business practices, the Journal reported, citing people familiar with the matter

** "While we had hoped Tuesday’s nearly 18% decline had represented a bottom for the stock, adequately pricing incremental utilization risk in our view, the WSJ report rekindles headline risk, which fueled volatility earlier in the year"- RBC Capital Markets

** On Tuesday, UNH's CEO, Andrew Witty, stepped down unexpectedly, and the company simultaneously suspended its 2025 financial forecast due to rising medical costs

** Up to last close, stock down 39.1% YTD

(Reporting by Sneha S K )

(( Sneha.SK@thomsonreuters.com))

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