Legal Action Update for SelectQuote Investors: Class Action Details
SelectQuote Class Action Lawsuit Overview
Recent developments have emerged regarding SelectQuote, Inc. (NYSE: SLQT) as investors are advised about a class action lawsuit filed by the Portnoy Law Firm. This action pertains to investors who acquired securities during a specified period that spanned from September 9, 2020, to May 1, 2025. Investors have until the cutoff of October 10, 2025, to submit their motions to be recognized as lead plaintiffs in this notable case.
The Allegations Against SelectQuote
According to the U.S. Department of Justice (DOJ), SelectQuote has come under scrutiny for allegedly engaging in illegal activities. The allegations claim that the company received substantial kickbacks from health insurance providers in exchange for directing Medicare beneficiaries to particular plans. From 2016 through at least 2021, the DOJ suspects that SelectQuote profited from activities that undermined the integrity of the services provided to its clients.
Impact of the Allegations
Following the news regarding these allegations, SelectQuote's stock suffered a significant drop, losing 19.24%, which translated to a decrease of $0.61 per share, closing at $2.56 on the day the news broke. This sharp decline has raised concerns among stakeholders who are now considering their options in light of the accusations.
The Role of Portnoy Law Firm
Portnoy Law Firm, known for its robust advocacy for investors, is at the forefront of this legal action. The firm has highlighted its track record of securing over $5.5 billion for its clients who have faced corporate misconduct. Attorney Lesley F. Portnoy is leading this initiative and encourages affected investors to reach out for a complimentary case consultation. Potential participants in the lawsuit are being urged to explore their legal rights and options in recovery.
Consultation and Case Evaluation
If you are an investor who suffered losses due to SelectQuote's alleged corporate wrongdoing, you can contact Lesley F. Portnoy at 844-767-8529. The firm is taking proactive measures to ensure investors are informed and able to pursue legal recourse effectively. Interested parties can also reach out via email at lesley@portnoylaw.com for more information on joining the case.
Next Steps for Investors
Investors are advised to act promptly due to the nearing deadlines associated with filing their motions. The legal environment surrounding SelectQuote’s operations is complicated, and early engagement could be crucial. Understanding the implications of the DOJ's findings is imperative for stakeholders aiming to protect their investments and explore compensation routes.
Investor Rights
Every investor deserves the right to be informed about the companies they invest in, especially when allegations arise that threaten the viability of those investments. Seeking legal representation from firms that specialize in securities law can be a vital step toward recovering losses incurred.
Conclusion
The class action lawsuit against SelectQuote is a significant reminder of the broader issues of corporate accountability. As proceedings evolve, staying informed and connected with legal experts like those at Portnoy Law Firm can aid investors in navigating this challenging landscape.
Frequently Asked Questions
What is the class action lawsuit about?
The class action lawsuit involves allegations against SelectQuote regarding illegal kickbacks and misleading practices associated with Medicare beneficiaries.
Who should join the class action?
Investors who purchased SelectQuote securities during the specified timeframe from September 9, 2020, to May 1, 2025, are encouraged to join.
How can investors contact Portnoy Law Firm?
Investors can reach Lesley F. Portnoy directly by phone at 844-767-8529 or via email at lesley@portnoylaw.com.
What happens if investors miss the October 10 deadline?
Missing the deadline may prevent investors from being part of the lead plaintiff motion, which could affect their ability to recover losses.
What are the legal fees involved?
Typically, Portnoy Law Firm offers complimentary evaluations, but specific details on fees would be discussed during consultations.
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