Investing.com -- Alignment Healthcare (NASDAQ:ALHC) shares fell 12% Wednesday following reports of a whistleblower lawsuit filed against the insurance company.
A former executive at Alignment Healthcare alleges the company manipulated its finances to boost its stock price and executive compensation, according to the lawsuit filed Wednesday. Modern Healthcare reported the suit.
The lawsuit centers on accounting claims made by the former executive, though specific details of the alleged financial manipulation were not disclosed in available reports.
The double-digit percentage decline in the stock reflects the market’s response to the legal allegations against the healthcare insurance provider.
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