UnitedHealth Lower Off NYT Article Claiming Suit For Overbilling Medicare
UnitedHealth Group Inc (NYSE: UNH) shares are trading lower by $6.50 (4 percent) at $157.13 in Friday's session. Investors are exiting the issue after an article appeared in The New York Times regarding a lawsuit that says the company overbilled Medicare for years.
Two days removed from making a new all-time high ($164.97) and three days removed from an all-time closing high ($164.29), the issue is $7.00 lower from those levels.
After a lower open, UnitedHealth managed a brief rally that came well short of the lower-end of Thursday's range ($162.33), only reaching $160.16. From there, the ensuing decline has taken the issue to $156.50 and now it's attempting to remain in the $157.00 handle. That low coincides with its January 23 low of $156.56.
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