Elevance Health Surges 2.24% on 89.2% Volume Spike to 92nd Rank Amid Shareholder Probe into Director Allegations

On August 22, 2025, Elevance Health (ELV) rose 2.24% to close the session, with a trading volume of $0.94 billion—a 89.2% increase from the previous day—ranking it 92nd among stocks by volume. The move follows the announcement of a shareholder investigation into potential fiduciary breaches by certain Elevance directors, linked to alleged misstatements regarding Medicaid redetermination costs and financial guidance. The lawsuit claims directors overstated the company’s ability to manage rising per-patient expenses amid higher acuity Medicaid patients, which were not adequately reflected in rate negotiations or 2024 forecasts.

The probe, initiated by the Shareholders Foundation, targets whether Elevance directors violated duties tied to the allegations. While the firm did not specify immediate impacts on operations, such legal scrutiny often heightens market volatility. Despite the investigation, ELV’s surge suggests investors may be pricing in potential resolutions or broader market optimism. The stock’s elevated volume underscores renewed trading interest, though legal outcomes remain uncertain.

The strategy of buying the top 500 stocks by daily trading volume and holding them for one day yielded a total profit of $2,550 from 2022 to the present. Cumulative returns reached 255%, with a maximum drawdown of -22.3%, reflecting a volatile yet ultimately profitable trajectory influenced by market fluctuations during the period.