LifeWallet Shares Surge on $2M Litigation Settlement

Dow Jones

2024/11/22

By Dean Seal

Shares of LifeWallet surged after the company said it reached a preliminary $2 million settlement with a defendant it accused of violating state consumer-protection laws.

The stock was up 25% at $1.85 in premarket trading. Shares had lost 97% of their value year-to-date when the market closed Thursday.

The Miami insurance-claims company said late Thursday that the settlement is part of its suite of pharmaceutical-litigation cases aimed at recovering wrongly paid insurance claims.

The terms of the settlement include a combination of monetary and nonmonetary considerations, including prescription drug-claims data that will help LifeWallet find new litigation targets.

The settlement comes less than a week after LifeWallet warned it had substantial doubt about its ability to continue operating beyond the next 12 months.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 22, 2024 09:16 ET (14:16 GMT)

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