LOS ANGELES--(BUSINESS WIRE)--National securities law firm Glancy Prongay & Murray LLP (“GPM”) reminds investors of the June 29, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Molina Healthcare, Inc. (“Molina” or the “Company”) (NYSE: MOH) securities between October 31, 2014 and August 2, 2017, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
Investors suffering losses on their Molina investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
On August 2, 2017, the Company withdrew its 2017 earnings outlook and announced that it will eliminate 1,500 jobs, and exit certain Obamacare markets after the health insurer posted a steep second quarter loss. On this news Molina shares fell nearly 6%, or $3.92 per share, to close at $62.32 per share on August 3, 2017. The Company’s shares continued to fall the following trading day, closing down $2.52 per share, or over 4%, to close at $59.80 per share on August 4, 2017.
The complaint filed in this class action alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that:(1) Molina's administrative infrastructure was never designed to handle the size and complexity of its rapid growth strategy; and (2) it failed to remediate systemic issues and costly disruptions with critical administrative infrastructure functions, including provider payment and utilization management.
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If you purchased shares Molina during the Class Period you may move the Court no later than June 29, 2018 to ask the Court to appoint you as lead. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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