WSJ: UnitedHealth Investigated For Medicare Fraud

CBNC reports:

Shares of UnitedHealth Group plunged more than 18% on Thursday following a report that the Justice Department is conducting a criminal investigation into the health-care giant over possible Medicare fraud.

The DOJ is focusing on the company’s Medicare Advantage business practices, but the exact nature of the potential criminal allegations is unclear, the Wall Street Journal reported late Wednesday, citing people familiar with the matter.

In a statement, UnitedHealth Group said the Justice Department has not notified it about the reported probe, and called the newspaper’s reporting “deeply irresponsible.” The company also said “we stand by the integrity of our Medicare Advantage program.”

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