The company’s stock has declined over its financial performance and the sudden replacement of its CEO.

The U.S. Justice Department is investigating UnitedHealth Group for potential criminal fraud in its Medicare Advantage business, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

UnitedHealth Group's stock has plunged nearly 50% due to the CEO resignation, withdrawal of guidance, and ongoing legal issues, creating a potential buying opportunity. The stock is deeply oversold with an RSI of 15, trading below both the 200-day and 50-day moving averages, indicating capitulation.

Shares of UnitedHealth Group fell after The Wall Street Journal reported that the Justice Department is investigating the company for possible criminal Medicare fraud. The stock fell 5.1%, to $292.40, in postmarket trading. Through Wednesday's close, shares have lost more than 40% of their value in the past year.

Hemsley, 72, had led the company for more than a decade until 2017 and is re-taking the reins following a series of setbacks.

UnitedHealth Group Incorporated stock drops after a rare earnings miss and CEO resignation. Click for the impact and potential buying opportunity in UNH at $335.

May 13 (UPI) -- UnitedHealth Group announced Tuesday CEO Andrew Witty will step down, citing "personal reasons." Witty will leave the role of CEO and be replaced by Stephen J. Hemsley, effective immediately.

It created a fandom culture around his accused shooter, Luigi Mangione, and an endless cycle of cheerleading and scolding in response. Prosecutors have prosecuted. Editorial boards have editorialized.