agilon health (AGL) Securities Fraud Investigation

Shamis & Gentile P.A., a law firm that advocates for investors who are victims of securities fraud, is investigating potential claims against agilon health, inc. (AGL)

If you purchased or acquired agilon health, inc. securities since at least May 2023, and still hold some shares today, you may be eligible to seek corporate reforms, the return of funds back to the Company, and a court approved incentive award for you, all at absolutely no cost.

About agilon health

agilon health is a healthcare company focused on partnering with primary care physicians to provide value-based care for seniors. The company operates primarily in the Medicare Advantage space while managing costs for its provider partners.

Its business model relies heavily on accurate forecasting of risk-adjustment revenues and medical margins.

What's Being Investigated

On November 2, 2023, agilon health reported higher medical costs and cut its full-year Medical Margin outlook from $500-$530 million to $455-$470 million. Two months later, on January 5, 2024, the Company reduced guidance by another $110 million and announced the upcoming retirement of CFO Timothy Bensley. Following these disclosures, agilon’s stock dropped 13% to $14.66 on November 3 and another 29% to $8.63 on January 5, 2024.

A class action securities lawsuit alleges that agilon and its executives misled investors by overstating visibility into medical-cost trends, understating rising utilization and expenses, misrepresenting the adequacy of its IBNR reserves, and issuing overly optimistic financial guidance while adverse conditions had already materialized.

The investigation also centers on allegations that agilon health and certain executives may have breached their fiduciary duties to stockholders. According to public filings and earnings transcripts, investors contend that the company made repeated positive statements about its financial outlook for 2025, including guidance on revenues and medical margins. However, on August 4, 2025, agilon health disclosed a significant loss for Q2 2025, suspended all full-year guidance, and announced the immediate departure of CEO Steve Sell.

The company disclosed that its enhanced data platform indicated 2024 and 2025 risk-adjustment revenue was lower than previously reported, and it recorded reductions totaling $85 million ($37M for 2024 and $48M YTD 2025). These disclosures reportedly contradicted alleged prior reassurances from management and led to a sharp decline in the company’s share price.

Stockholders argue that these events raise questions about the accuracy of previous disclosures and the adequacy of the company’s internal controls and oversight.

Key Timeline

• November 2, 2023: agilon health reports higher medical costs and lowers full-year 2023 Medical Margin guidance. The company’s stock falls 13% the following day. Investors allege this began revealing undisclosed cost pressures.
• January 5, 2024: agilon cuts forecasts by more than $110 million, cites rising medical expenses, and announces the planned retirement of CFO Timothy Bensley. Shares drop another 29%. Investors allege this signaled deeper operational and data-tracking problems.
• February 27, 2024: agilon releases full-year 2023 results showing a Medical Margin of $299 million (below prior guidance) and reduces 2024 forecasts. Investors allege this confirmed ongoing visibility and cost-management issues.
• February 25, 2025: agilon health releases Q4 2024 results, issues 2025 guidance, and management allegedly expresses confidence in achieving full-year targets. Investors allege these statements set expectations for 2025 performance.
• May 6, 2025: On the Q1 2025 earnings call, agilon health reaffirms its full-year 2025 guidance and allegedly continued to project optimism. Investors allege this further reinforced the company’s outlook.
• August 4, 2025: After market close, agilon health reports a steeper-than-expected Q2 loss, negative medical margin, an $85 million write-down, withdrawal of 2025 guidance, and CEO Sell’s immediate departure. Investors allege this constitutes a “corrective disclosure.”
• August 5, 2025: Shares fall approximately 24.7% in pre-market trading, and from a per share close of $1.81 on August 4, to $0.88 per share at close on August 5, 2025, as the market reacted to the news.

Your Rights and Next Steps

This is an ongoing shareholder investigation into whether agilon health and certain members of its leadership failed to uphold their fiduciary duties or maintain effective internal controls. If you have held agilon health shares since at least February 2025, you may have important rights.

Potential next steps include:

• Requesting corporate books and records under Delaware law to assess possible oversight or disclosure failures.
• Seeking governance reforms to improve board independence, compliance monitoring, and risk oversight.
• Supporting efforts to recover losses sustained by the Company as a result of alleged mismanagement or misconduct.

What Shareholders Can Do

If you have maintained ownership of agilon health shares since at least May 2023, or prior, you may qualify to seek corporate governance reforms, restitution of funds to the Company, and a court-sanctioned incentive award, with no financial obligation on your part. Securities investigations are time-sensitive, and missing key deadlines can affect your ability to recover.

To join the investigation and preserve your rights, complete the form below.