Kaplan Fox & Kilsheimer LLP said it is investigating Alignment Healthcare after a whistleblower complaint alleged the company misclassified millions in expenses to boost reported financial performance, including Adjusted EBITDA. The complaint was tied to a 16.7% decline in the company’s stock price. The investigation centers on whether the accounting treatment distorted investors’ view of the company’s underlying profitability, an issue that can be significant because Adjusted EBITDA is a commonly cited non-GAAP profitability metric.