Overview

A class action lawsuit has been filed against Elevance Health, Inc. (“Elevance” or the “Company”) and certain of the Company’s current senior executive officers (collectively, “Defendants”) alleging violations of the federal securities laws. The Company’s common stock trades on the New York Stock Exchange under the ticker symbol “ELV.”

The Elevance class action lawsuit was brought on behalf of all purchasers of Elevance common stock between April 18, 2024, and October 16, 2024, both dates inclusive (the “Class Period”).

Elevance is a healthcare company that provides health insurance plans across various markets, including contracts with states to administer Medicaid benefits. The Company sets premium rates based on historical and projected healthcare costs, which are influenced by the acuity of the level of care patients require and their utilization of benefits.

During the COVID-19 pandemic, the federal government temporarily halted state-level Medicaid eligibility redeterminations. This moratorium was lifted in 2023, and states resumed the redetermination process, with most states expecting to complete the process by mid-2024.

The Elevance class action lawsuit alleges that Defendants told investors during the Class Period that they were closely monitoring cost trends related to redeterminations and that premium rates negotiated with states adequately reflected the risk and cost profiles of members remaining on Medicaid. While acknowledging rising Medicaid costs, Defendants repeatedly assured investors that these were accounted for in the Company’s 2024 financial guidance. They claimed visibility into 75% of Medicaid rates and stated that the vast majority were aligned with expectations and actuarially sound. Defendants also said the Company was taking a prudent approach to its outlook and that the observed changes in acuity were within anticipated levels.

These statements were materially false or misleading. In reality, redeterminations were significantly increasing the acuity and utilization levels among Elevance’s remaining Medicaid members, as healthier individuals were being removed from the programs. This shift was not adequately reflected in Elevance’s rate negotiations or in its 2024 financial guidance.

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If you purchased Elevance common stock between April 18, 2024, and October 16, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as lead plaintiff in the Elevance class action lawsuit is July 11, 2025.