CTEV Criminal Antitrust Probe, PBM Act Reintroduced - Fri. 5/15 HeartBeats

Research evidence excerpt

CTEV Criminal Antitrust Probe, PBM Act Reintroduced - Fri. 5/15 HeartBeats

Healthcare Providers & Services May 15, 2026

Jason Cassorla

jason.cassorla@guggenheimpartners.com CTEV Criminal Antitrust Probe, PBM Act

212 518 9501 Reintroduced - Fri. 5/15 HeartBeats Lin Zhang, CFA

lin.zhang@guggenheimpartners.com

212 518 9017 Key Message: Our Guggenheim HeartBeats highlights and summarizes key reports,

articles, and other news/headlines that could impact companies within the Healthcare

Services space. Today's focus is on CTEV Criminal Antitrust Probe, and PBM Act

reintroduced.

Ticker Price Rating

CTEV 23.47 Buy

Today's HeartBeats

CTEV was down ~15% • CTEV – Heads Up On Possible DOJ Criminal Antitrust Probe:

yesterday (vs S&P 500 +0.8%), and is indicating down another ~20% pre-market. We

believe the price action is related to headlines circulating by the Capital Forum related

to the DOJ having potentially started a criminal price-fixing probe into the company, with

a focus on CTEV’s Data iSight pricing tool. The news follows the DOJ’s statement of

interest (filed in March 2025) related to a separate class-action antitrust lawsuit brought

by several states (which are now centralized in the Northern District of Illinois), which had

mostly denied motions to dismiss in June 2025, and entered the discovery phase in April

2026. (The Capital Forum, 5/14/26) For more detail on the original antitrust case, please

see slide 26 in our initiation here (link to note).

We’ve reached out to the company, who unsurprisingly reiterated its • Our Take:

policy of not commenting on litigation / interactions with govt agencies other than

in public filings. Neither CTEV nor the DOJ have issued press releases, filings,

or any other substantive developments related to the probe at this juncture. A