According to the lawsuit, the IPO Registration Statement was materially false and misleading and omitted to state:
- Oscar was experiencing growing COVID-19 testing and treatment costs;
- Oscar was experiencing growing net COVID-19 costs;
- Oscar would be negatively impacted by an unfavorable prior year Risk Adjustment Data Validation (RADV) result relating to 2019 and 2020;
- Oscar was on track to be negatively impacted by significant Special Enrollment Period (SEP) membership growth; and
- as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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