Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against agilon health, inc. (AGL)

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May 20, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired agilon health, inc. (“agilon” or the “Company”) (NYSE: AGL) common stock between January 9, 2023 and January 4, 2024, inclusive (the “Class Period”).

If you suffered a loss on your agilon investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/agilon-health-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

On November 2, 2023, agilon released its third quarter 2023 financial results, reporting lower-than-expected numbers due to increased utilization and medical costs. Additionally, the Company lowered its full-year guidance, stating that it had increased its incurred-but-not-reported (“IBNR”) reserve to account for prior expenses.

On this news, agilon’s stock price fell $2.23, or 13.2%, to close at $14.66 per share on November 3, 2023, thereby injuring investors.

Then, on January 5, 2024, agilon lowered its 2023 Medical Margin outlook by approximately $110 million and its Adjusted EBITDA outlook by $73 million, citing higher-than-expected medical costs. Further, the Company announced the retirement of its Chief Financial Officer.

On this news, agilon’s stock price fell $3.45, or 28.6%, to close at $8.63 per share on January 5, 2024, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants misled investors about agilon’s medical costs by: (1) touting the Company’s purported visibility into utilization trends and medical costs; (2) failing to disclose increased medical costs that agilon had incurred prior to and during the Class Period due to higher utilization of healthcare by MA patients; (3) falsely stating that its IBNR Reserve was adequate; (4) making false and misleading statements about the effectiveness of its business model; (5) issuing overly optimistic financial guidance; and (6) issuing risk disclosures that were materially false and misleading because they characterized adverse facts that had already materialized as mere possibilities; and (7) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired agilon common stock during the Class Period, you may move the Court no later than May 20, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, 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 [e-mail], 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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