Topline
UnitedHealth Group is being investigated for possible Medicare fraud, according to The Wall Street Journal, sending shares of the healthcare company sliding in after-hours trading just one day after its CEO, Andrew Witty, announced he was stepping down from his position.
UnitedHealthcare is owned by UnitedHealth Group. (Photo by PATRICK T. FALLON/AFP via Getty Images)
Key Facts
The Justice Department’s healthcare-fraud unit is leading the probe, the Journal reported.
UnitedHealth Group’s stock tanked around 7% following the Journal’s report, bringing shares to their lowest point in almost five years.
The specifics of the criminal allegations against UnitedHealth Group are unclear, according to the Journal, which cited unnamed people familiar with the matter who noted the probe is focusing on UnitedHealth Group’s Medicare Advantage business practices.
UnitedHealth Group and the Justice Department did not immediately respond to Forbes’ requests for comment.
This is a developing story. Check back for updates.
