Overview

• The U.S. Department of Justice is reportedly conducting a criminal investigation into UnitedHealth Group's Medicare Advantage billing practices, active since at least mid-2024.
• UnitedHealth has stated it has not been notified of the investigation and defended the integrity of its Medicare Advantage program, calling the reporting 'deeply irresponsible.'
• The company's stock has fallen over 50% in the past month, erasing more than $300 billion in market value, with shares hitting five-year lows after the news broke.
• The investigation follows CEO Andrew Witty's abrupt resignation earlier this week, as well as the company's decision to suspend its 2025 financial outlook due to rising costs.
• UnitedHealth continues to face multiple federal inquiries, including a civil fraud investigation into diagnosis coding practices and an antitrust probe into acquisitions.