NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Humana Inc. (“Humana” or “the Company”) (NYSE: HUM).
On January 18, 2024, the Company announced its financial results for the fourth quarter and full year 2023, disclosing that its benefits expense ratio increased to approximately 91.4% for the fourth quarter of 2023 and approximately 88% for the full year 2023, resulting in 2023 adjusted EPS of only $26.09 per share, or more than $2 per share less than what the Company had predicted in November 2023. Then, on January 25, 2024, the Company further disclosed a loss for the fourth quarter of 2023 and expected that higher level of medical costs would persist for all of 2024, resulting in expected 2024 adjusted EPS of only $16 per share, a $10 per share decrease from 2023, well below analysts’ expectations of $29 per share.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether Humana’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Humana shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-hum/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
