Shares in healthcare group UnitedHealth (UNH) were flat in pre-market trading after a lawsuit alleged that its board ignored governance risks for years, costing shareholders billions in losses. Claim 55% Off TipRanks - Unlock powerful investing tools with TipRanks Premium to make smarter, more confident investment decisions - Subscribe to TipRanks Smart Investor Newsletter, and discover new investing opportunities with data-backed stock picks Largest U.S. Health Breach According to a report on Bloomberg, an amended complaint in a Minnesota federal court has revealed new information from former insiders about how the company handled cybersecurity after its $7.8 billion acquisition of health data and payments company Change Healthcare. Subsequently, Change suffered a cyberattack, which cost the company billions and exposed the private data of nearly 200 million Americans in the largest U.S. health data breach. It also alleged that UnitedHealth, which owns the largest U.S. health insurer, shut down an internal audit program that showed problems in its Medicare billing. The allegation is that it submitted claims for $200 million in Medicare payments that werenât supported by patientsâ diagnoses.âRather than remediate this damning finding and demand compliance, Defendant Hemsley supported the decision to eliminate an audit program entirely, ensuring that the fraud could continue undetected,â according to the complaint. Hemsley refers to current CEO and board chair Stephen Hemsley. A UnitedHealth representative declined to comment on the allegations. Latest Lawsuit The filing, according to Bloomberg, comes from shareholders including Rhode Islandâs public employee retirement system and the Swedish asset manager Länsförsäkringar Fondförvaltning AB, which owns more than $123 million in UnitedHealth stock. Theyâre suing board members on behalf of the company, claiming directors and officers missed red flags of âmisconduct and serious regulatory concerns, yet took no action to ensure compliance.â They want a judge to order the company to improve