UnitedHealth CEO To Testify Before US House Panel Regarding Cyberattack On Technology Unit
Portfolio Pulse from Vandana Singh
UnitedHealth Group Inc's CEO Andrew Witty is set to testify before a U.S. House subcommittee on May 1 about a cyberattack on its technology unit, Change Healthcare, that occurred on February 21. This attack disrupted payments to healthcare providers for a month, impacting the company's Q1 earnings by 74 cents per share and is expected to affect full-year 2024 earnings by $1.15 to $1.35 per share. The incident has raised concerns among lawmakers and has financially strained individuals and smaller providers.
April 22, 2024 | 6:35 pm
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UnitedHealth's CEO will testify about a cyberattack on Change Healthcare, impacting Q1 earnings by 74 cents/share, with a full-year 2024 impact of $1.15-$1.35/share.
The cyberattack on Change Healthcare has directly impacted UnitedHealth's financial performance, leading to a decrease in Q1 earnings and an anticipated negative impact on full-year 2024 earnings. The CEO's upcoming testimony before a U.S. House subcommittee highlights the severity of the situation and could lead to further scrutiny and potential regulatory actions, negatively affecting investor sentiment and the stock price in the short term.
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