Panel: Cigna’s Medicare Compliance Statements Not Material In Stock-Drop Suit

Mealey's (March 6, 2019, 2:24 PM EST) -- NEW YORK — A federal district court properly determined that the lead plaintiff in a securities class action lawsuit against health insurance provider Cigna Corp. and certain of its senior executives failed to sufficiently allege any material misrepresentations in arguing that the defendants’ statements regarding Cigna’s compliance with Medicare requirements violated federal securities laws, a Second Circuit U.S. Court of Appeals panel ruled March 5 (Minohor Singh v. Cigna Corp., et al., No. 17-3484, 2nd Cir., 2019 U.S. App. LEXIS 6637)....