We are investigating Evolent Health, Inc. (EVH) (“Evolent” or the “Company”) for potential violations of the federal securities laws.
On May 29, 2020, Evolent issued a press release announcing, in relevant part, that “its partner, Passport Health Plan, received notification from the Kentucky Cabinet for Health and Family Services that Passport has not been awarded a Kentucky Managed Care Organization (MCO) contract for the next contract period, which commences January 1, 2021.” Evolent further stated that it “will support Passport in protesting this decision” and “will continue to provide services to Passport until the new Medicaid contracts take effect on January 1, 2021.” On this news, Evolent’s stock price fell $2.06 per share, or 23.2%, to close at $6.82 per share on June 1, 2020.