Shares of UnitedHealth Group Incorporated fell nearly 20% in intraday trading on May 15, 2025, primarily due to a Wall Street Journal report, stating that the U.S. Department of Justice (DOJ) had launched a criminal investigation into the company for possible Medicare fraud. This followed the abrupt resignation of CEO Andrew Witty on May 13, 2025, and the company’s suspension of its 2025 financial outlook due to surging medical costs, particularly in its Medicare Advantage plans.
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