On July 9, Alignment Healthcare rose 8.01% in regular trading, trading at $21.645/share, with turnover of $70.038 million. The stock rebounded sharply after plunging 16.72% in the prior session on whistleblower litigation concerns.

On the news front, a former executive filed a whistleblower lawsuit alleging systematic financial manipulation at the company. Shareholder rights law firm Hagens Berman subsequently announced a securities fraud investigation. Alignment Healthcare firmly denied the allegations, stating they are entirely without merit and that it intends to vigorously defend itself. The company also announced it will release second quarter financial results on July 30.

Notably, the investigation comes after Alignment posted strong Q1 results, with revenue of $1.235 billion, a return to profitability, and raised full-year guidance. The company previously guided Q2 revenue of $1.30-$1.32 billion, in line with analyst estimates of $1.31 billion.

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