SelectQuote Inc. concealed kickbacks from health insurers for touting their Medicare Advantage plans before federal regulators accused them of conspiring, a proposed class action said.
The insurance broker’s stock price plunged 19% on May 1, the day the US Department of Justice publicized its False Claims Act complaint against SelectQuote and other health insurance companies and brokers heralding a private version of the government’s health insurance for seniors and people with certain disabilities. It was the stock’s steepest one-day slide in over seven months, according to data compiled by Bloomberg.
For years, SelectQuote and top brass hid a practice of ...
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