Elevance Health Stock Plummets 1.77% as Trading Volume Drops to 118th Rank Amid Lawsuit

On June 2, 2025, Elevance Health (ELV) experienced a significant decline, with its trading volume dropping by 45.78% to 6.67 billion, ranking 118th in the day's market activity. The stock price fell by 1.77%.

Elevance Health is currently facing a class action lawsuit filed by Pomerantz LLP, alleging securities fraud and other unlawful business practices. Investors who purchased Elevance securities during the specified class period are encouraged to contact the law firm to discuss their legal rights and potential recovery options. The lawsuit stems from disclosures made during Elevance's conference calls in July and October 2024, where the company revealed increased medical costs and a shift in Medicaid membership mix, leading to a decline in stock price.

During the July 2024 conference call, Elevance's CEO Gail Boudreaux and CFO Mark Kaye discussed the impact of redeterminations on the company's Medicaid membership mix, resulting in increased acuity and higher utilization across various services. This news led to a significant drop in Elevance's stock price. In October 2024, the company further revised its full-year outlook for adjusted diluted earnings per share, citing elevated medical costs in its Medicaid business. These disclosures have raised concerns among investors about the company's financial performance and future prospects.