The Wall Street Journal report, citing unnamed sources, alleged that the DOJ is investigating UnitedHealth Group, the country's largest provider of Medicare Advantage plans, for possible criminal Medicare fraud. After the outlet published the claims, UnitedHealth Group's stock fell by 17% early Thursday, to its lowest level in five years.
The group slammed the outlet's report on Wednesday, saying in a statement that it is unaware of any DOJ investigation at the company.
"The WSJ's reporting is deeply irresponsible, as even it admits that the 'exact nature of the potential criminal allegations is unclear,'" UnitedHealth Group said.
"We have not been notified by the Department of Justice of the supposed criminal investigation reported, without official attribution, in the Wall Street Journal today," the statement continued. "We stand by the integrity of our Medicare Advantage program."
The company's latest downturn came after it had a tough year. In December, UnitedHealth Group was plunged into turmoil after the CEO of its insurance division was shot and killed in New York City by a suspect who accused the group of "parasitic" corporate greed. Since then, the group has experienced fallout over cascading claims that it wields corporate power to rip off clients.
MAN ARRESTED NEAR UNITEDHEALTHCARE HEADQUARTERS MONTHS AFTER CEO ASSASSINATED
Earlier this week, UnitedHealth Group unexpectedly announced that a new CEO would be taking the reins at the company after former CEO Andrew Witty surprisingly stepped down for "personal reasons."
The change came after UnitedHealthcare pulled its 2025 financial outlook due to higher-than-expected medical costs.