A group of investors in UnitedHealthcare sued the company, alleging that it misled them after the assassination of its CEO, Brian Thompson. 

The class action lawsuit, filed in the Southern District of New York, accused the company of not promptly adjusting its 2025 net earnings outlook to factor in the ramifications that Thompson’s death would have on operations.

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One day before Thompson was killed last December, the company issued a notice that included net earnings of $28.15 to $28.65 per share and adjusted net earnings of $29.50 to $30 per share, according to the lawsuit. A month later, in January, UnitedHealthcare said it would maintain its previous forecast. 

The investors argued in the lawsuit that the notice was “materially false and misleading.” They cited the high volume of scrutiny that UnitedHealthcare and the entire insurance industry faced in the wake of the murder. 

They argued the public backlash halted the company from pursuing “the aggressive, anti-consumer tactics that it would need to achieve” to meet its earnings goals.

“As such, the Company was deliberately reckless in doubling down on its previously issued guidance,” the lawsuit states.

UnitedHealthcare eventually updated its 2025 outlook in April, admitting a need to shift its corporate strategy. That day, UnitedHealthcare’s stock dropped more than 22%, eliminating about $119 billion of market value.

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“The company denies any allegations of wrongdoing and intends to defend the matter vigorously,” a UnitedHealthcare spokesperson said in a statement in response to the lawsuit.

Luigi Mangione, 27, has been accused of killing Thompson. He pleaded not guilty to federal and state charges against him.