GoHealth (GOCO) Accused of Misleading Shareholders; Shareholder Urged to Contact the Law Offices of Timothy L. Miles

GoHealth, Inc. (NASDAQ:GOCO)

HENDERSONVILLE, TN, UNITED STATES, October 2, 2020 /EINPresswire.com/ -- The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 19 years, announces that a class action complaint was filed against GoHealth, Inc. (NASDAQ: GOCO) on behalf of shareholders who acquired GoHealth, Inc. shares pursuant to the Company's July 15, 2020, initial public offering ("IPO"). GoHealth operates a health insurance marketplace.

GoHealth (GOCO) Accused of Misleading Shareholders

In September 2019, private equity firm Centerbridge acquired GoHealth for $1.1 billion in equity and cash. According to the complaint, GoHealth reported tremendous growth immediately following the acquisition in preparation for going public, representing that its business model was highly profitable and offered the best lifetime value of commissions per customer acquisition cost of any of its peers.

GoHealth conducted its IPO on July 15, 2020, selling approximately 43.5 million shares for $21.00 per share raising nearly $914 million. However, the complaint alleges that GoHealth's IPO materials were negligently prepared and contained false and misleading statements. Specifically, GoHealth failed to disclose: (i) the Medicare insurance industry was undergoing a period of elevated churn, which had begun in the first half of 2020; (ii) GoHealth suffered from a higher risk of customer churn due to its unique business model; (iii) GoHealth could not retain its customers due to various external and internal factors; (iv) GoHealth had entered into materially less favorable revenue sharing arrangements with its external sales agents; and (v) GoHealth had projected these trends to continue and worsen following the IPO. By September 15, 2020, GoHealth closed at $12.53 per share – a more than 40% decline from its IPO price paid by investors just two months previously.

If you purchased GoHealth, Inc. (GOCO), you have until November 20, 2020, to ask the court to appoint you lead plaintiff for the class.

GoHealth Shareholders Urged to Contact the Firm

If you purchased GoHealth securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to tmiles@timmileslaw.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.

About Timothy L. Miles

Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely awarded the recognition of American’s Most Honored Lawyers 2020 – Top 1% by the American Registry. Mr. Miles was also recently selected by Martindale-Hubbell^® and ALM as a 2020 Top Ranked Lawyer and a 2020 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell^®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: Top Rated Litigator by Martindale-Hubbell^® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell^® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV^® Preeminent™ Rating by Martindale-Hubble^® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2018-2020); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble^® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).

Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: tmiles@timmileslaw.com Website: www.timmileslaw.com
SOURCE: The Law Offices of Timothy L. Miles

Timothy Lee. Miles
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Nationally Recognized Shareholder Rights Attorney Timothy L. Miles Has Achieved the Recognition of American’s Most Honored Lawyers 2020 - Top 1%

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