Scott+Scott Attorneys at Law LLP Investigating Derivative Claims on Behalf of Shareholders of Molina Healthcare, Inc. - MOH
NEW YORK, Oct. 11, 2018 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, is investigating whether certain directors and officers of Molina Healthcare, Inc. ("Molina" or the "Company") (NYSE: MOH) breached their fiduciary duties to the Company and its shareholders. If you are a Molina shareholder, you are encouraged to contact Scott+Scott for additional information.
Scott+Scott is investigating whether certain members of the board of directors (the "Board") made false and/or misleading statements and/or failed to disclose that: (1) Molina's administrative infrastructure was never designed to handle the size and complexity of Molina's rapid growth strategy; (2) Molina failed to remediate systemic issues and costly disruptions with critical administrative infrastructure functions, including provider payment and utilization management; and (3) as a result, Molina common stock traded at artificially inflated prices during the Class Period.
On August 2, 2017, the Company withdrew its 2017 earnings outlook and announced that it will eliminate 1,500 jobs and exit certain Obamacare markets after posting a steep second quarter loss. On this news Molina shares fell nearly 6%, or $3.92 per share, to close at $62.32 per share on August 3, 2017. The Company's shares continued to fall on the following trading day, closing down $2.52 per share, or over 4%, to close at $59.80 per share on August 4, 2017.
Our investigation concerns whether the Company's Board has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
What You Can Do
If you are a Molina shareholder, you may have legal claims against the Company's directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or at [email protected].
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT:
Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Floor
New York, NY 10169
(844) 818-6982
[email protected]
SOURCE Scott+Scott Attorneys at Law LLP
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