LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Molina Healthcare, Inc. (“Molina” or ''the Company'') (NYSE: MOH) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between October 31, 2014, and August 2, 2017, inclusive (the ''Class Period''), are encouraged to contact the firm before June 29, 2018.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, Molina made false and misleading statements to the market throughout the class period. The Company failed to disclose that its administrative systems and internal infrastructure were not capable of handling its growth plans. It also failed to mitigate infrastructure flaws that caused critical errors in areas such as provider payments. As a result of these problems, Molina reported an earnings miss for the quarter ending March 31, 2016, also lowering its full-year 2016 guidance. Molina withdrew its 2017 earnings projection on August 2, 2017, the same day it reported a $230 million net loss for the quarter ending June 30, 2017. At the same time, the Company announced it would exit the ACA Health Exchange Marketplace. When the market learned the true details about Molina, investors suffered damages.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.