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If you can pull yourself away from the Roger Clemens' testimony, share of UnitedHealth (UNH) are on sale today. New York's Attorney General, Andrew Cuomo, has the company in his sites:

New York Attorney General Andrew Cuomo said on Wednesday he is conducting an industry-wide probe of health insurers into an alleged scheme to defraud consumers by manipulating reimbursement rates.

At the center of the scheme is Ingenix, the nation's provider of health care billing information, which serves as a conduit for rate data to the largest insurers in the country, Cuomo said in a statement.

Cuomo intends to sue Ingenix, its parent, UnitedHealth Group Inc, and three additional subsidiaries.

Cuomo has issued 16 subpoenas to the nation's largest health insurance companies, including Aetna Inc, Cigna Corp and Empire Blue Cross Blue Shield.

I can't speak to the merits of the case, but the company has already projected EPS this year between $3.95 and $4. If you're willing to wait, this is a good entry point.

Posted by edelfenbein at February 13, 2008 12:29 PM