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Aetna Hit With Shareholder Class Action

Law360 (October 25, 2007, 12:00 AM EDT) -- Aetna Inc. has been hit with a proposed class action by securities purchasers that claim the health care giant fraudulently misrepresented its financial health and omitted pertinent information about its business operations.

Southeastern Pennsylvania Transportation Authority alleged in a lawsuit filed on Wednesday in the U.S. District Court for the Eastern District of Pennsylvania that Aetna's securities purchasers suffered significant losses when the company's stock price fell 20%, from $46.43 per share to $37 per share, between April 26 and April 27, 2006. The drop represented...
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