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INVESTOR ALERT:   DiCello Levitt LLP Announces the Filings of a Class Action Against Humana Inc. (NYSE: HUM)

SAN DIEGO, June 06, 2024 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of purchasers or acquirers of Humana Inc. (NYSE: HUM) (“Humana” or the “Company”) common stock between July 27, 2022 and January 24, 2024, inclusive (the “Class Period”), charging the Company and certain current senior executive officers with violations of the federal securities laws.  

Humana investors have until August 2, 2024 to seek appointment as lead plaintiff of the class action lawsuit.

If you purchased Humana common stock between July 27, 2022 and January 24, 2024, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here:

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at   Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

No Case Has Been Filed and No Class Has Been Certified. Until a case is filed and a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.

Case Allegations

The Humana lawsuit alleges that on July 27, 2022, Humana announced its second quarter 2022 financial results, reporting adjusted earnings per share (“EPS”) of $8.67, an “outperformance” of approximately $1.00 per share. Humana stated that its “outperformance” versus prior expectations was “driven primarily by . . . better-than-anticipated medical cost trends in the company’s individual Medicare Advantage and Medicaid businesses” and further explained that medical costs for Humana’s individual Medicare Advantage business were “running favorable to our expectations.”

As alleged in the Humana lawsuit, Defendants continued to assure investors – and analysts who repeatedly inquired about potential pent-up demand for healthcare services that built-up under COVID restrictions – that “in-patient unit costs and non-in-patient trends [were] coming in lower than [the Company] initially estimated” and that “there really isn’t pent-up demand that [the Company has] to be concerned about” negatively impacting utilization rates and profitability.  

Investors began to learn the truth about the pressures on the Company’s profitability on June 13, 2023, when UnitedHealth Group Inc. (“UnitedHealth”), one of Humana’s primary health insurer competitors, revealed that it was seeing “higher levels” of outpatient care activity and suggested that higher utilization rates were due to “pent-up demand or delayed demand being satisfied.” UnitedHealth further explained that it was “seeing very strong volumes” in certain areas, including ambulatory surgery, and an overall “higher number of cases that are being performed.” The Humana lawsuit alleges that given the similarities in Humana’s and UnitedHealth’s businesses, and the likelihood that Humana was also suffering from increased utilization and costs due to pent-up demand, the price of Humana common stock declined $57.63 per share, or more than 11%, from a close of $512.63 per share on June 13, 2023, to close at $455.00 per share on June 14, 2023.

Thereafter, Humana made several additional disclosures about its profitability and financial condition, however, Defendants continued to downplay pressures on the Company’s adjusted EPS resulting from increased medical costs associated with pent-up demand for healthcare procedures (especially as COVID concerns abated) which, contrary to the Company’s assurances, resulted in increased utilization rates and costs.

On January 18, 2024, Humana released its financial results for the fourth quarter and full year 2023, shocking investors by revealing that its benefits expense ratio had increased to approximately 91.4% for the fourth quarter of 2023 and approximately 88% for the full year 2023. As a result, the Company’s 2023 adjusted EPS were only $26.09 per share, or more than $2 per share less than what the Company had predicted in November 2023. In response to this announcement, the price of Humana common stock fell more than $35.00 per share, or approximately 8%, to close at $411.98 per share on January 18, 2024.

The Humana lawsuit alleges that on January 25, 2024, the Company further shocked the market when it announced a fourth quarter loss and admitted that it expected the higher level of medical costs would persist for all of 2024. As a result, Humana revealed that it expected 2024 adjusted EPS of only $16 per share (a $10 per share decrease from 2023 and well below analysts’ expectations of $29 per share). In response, Humana common stock fell an additional $47.04 per share, or nearly 12%, to close at $355.36 per share on January 25, 2024.

About DiCello Levitt

At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.

DiCello Levitt has achieved top recognition as Plaintiffs Firm of the Year and Trial Innovation Firm of the Year by the National Law Journal, in addition to its top-tier Chambers and Benchmark ratings. The New York Law Journal also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation. For more information about the Firm, including recent trial victories and case resolutions, please visit

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Media Contact

Amy Coker
4747 Executive Drive, Suite 240
San Diego, CA 92121

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