The health insurance giant has called a new report from WSJ "misinformation," but investors may not be so sure. Shares were down about 9% early Friday.

In this post-shooting and DOGE-era, regulators may be emboldened to make more changes than they otherwise would have on insurers that are seen to be fleecing the system,” explained one analyst.

UnitedHealth Group called The Wall Street Journal's report "misinformation" and said it was unaware of reported investigaiton.