### UnitedHealth Group Shares Plummet Amidst DOJ Medicare Fraud Probe

Shares of UnitedHealth Group experienced a significant drop of more than 18% on Thursday after news surfaced that the Department of Justice is conducting a criminal investigation into the company concerning possible Medicare fraud. The DOJ's inquiry centers around the practices within UnitedHealth's Medicare Advantage business, though the specific allegations remain unclear as reported by The Wall Street Journal on Wednesday.

In response to the report, UnitedHealth Group stated that the Justice Department has not officially notified the company about any investigation. The company labeled the newspaper's report as "deeply irresponsible" and reaffirmed the integrity of its Medicare Advantage program. This marks the second instance this year that UnitedHealth's Medicare Advantage business is under federal scrutiny. Previously, in February, a civil investigation was reported, focusing on whether the company exaggerated diagnoses to secure extra payments for its Medicare Advantage plans.

Additionally, the company faces other internal and external challenges. There was a surprise exit of CEO Andrew Witty, with former CEO Stephen Hemsley stepping in to fill the role. UnitedHealth Group's stock has declined approximately 49% this year due to various setbacks, including a historic cyberattack, unforeseen medical costs, and public backlash following the murder of UnitedHealthcare's CEO Brian Thompson.

Amidst these cascading issues, the company's market capitalization also suffered a substantial blow, dropping by over $300 billion within just one month. According to Mizuho health-care equity strategist Jared Holz, there is a risk that UnitedHealth Group might be removed from the Dow Jones Industrial Average unless the company demonstrates more consistent performance in the future.