UnitedHealth Group is under investigation by the Department of Justice for Medicare billing practices, leading to a 2% drop in shares. The company is cooperating with the DOJ and conducting a third-party review. This comes after reports of a criminal investigation into possible Medicare fraud earlier this year.

Former CEO Andrew Witty abruptly departed in May, and the company stands by the integrity of its Medicare Advantage program. Independent audits by CMS confirm practices are accurate. UnitedHealth’s Medicare and retirement segment is its largest revenue driver, generating $139 billion in sales last year.

UnitedHealth Group’s stock has dropped over 42% this year due to rising medical costs, Witty’s exit, and investigations into its Medicare Advantage business. The company also faced a cyberattack in 2024 and public backlash after CEO Brian Thompson’s murder. The DOJ previously lacked evidence in a whistleblower case against UnitedHealth.

Read more at CNBC: UnitedHealth facing DOJ investigation over Medicare billing