Debt Investor Claims Minn. UnitedHealth in Default for Filing Delay
Minn.-based UnitedHealth Group Inc. said an investor in its debt securities sent it a notice of default on Monday, following the health insurer’s delay in filing a quarterly report with the Securities and Exchange Commission.
The company said its debt agreement requires it to provide the trustee with reports it files with the SEC. Earlier this month UnitedHealth said it would delay filing its report for the quarter that ended June 30 because it’s sorting out the accounting for the stock options it granted.
“The company believes it is not in default, and we’ll defend ourselves vigorously,” spokesman Mark Lindsay said. He declined to identify the debt securities holder who claimed that UnitedHealth is in default.
The company has disclosed that federal regulators have been investigating its stock option grants and that it has received a subpoena from the U.S. Attorney’s Office in the Southern District of New York.
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