“As a result, the company’s 2023 adjusted EPS were only $26.09 per share, or more than $2 per share less than what the company had predicted in November 2023,” the complaint says. “In response to this announcement, the price of Humana common stock fell $35.78 per share, or approximately 8%, from a close of $447.76 per share on Jan. 17, 2024, to close at $411.98 per share on Jan. 18, 2024.”
The annuity fund says a final stock drop occurred in late January when Humana announced a loss for the fourth quarter of 2023 and said it expected the higher level of medical costs to continue throughout 2024.
On this news, Humana common stock declined an additional $47.04 per share, or nearly 12%, from $402.40 per share on Jan. 24, 2024, to close at $355.36 per share on Jan. 25, 2024, according to the complaint.
The suit seeks damages, attorney fees and a jury trial.
Representatives for the parties did not immediately respond to requests for comment Monday.
The Iron Workers Local 401 Annuity Fund is represented by Gregory V. Varallo of Bernstein Litowitz Berger & Grossmann LLP and Naumon A. Amjed, Ryan T. Degnan and Jonathan Z. Naji of Kessler Topaz Meltzer & Check LLP.
