| Company: | WellPoint, Inc.. |
| Ticker Symbol: | NYSE: WLP |
| Class Period: | January 23, 2008 to March 10, 2008 |
| Date Filed: | March-19-08 |
| Lead Plaintiff Deadline: | May-19-08 |
| Court: | Southern District, IN |
| Allegations: |
A class action lawsuit has been filed in the United States District Court, Southern District of Indiana, 08cv0357, on behalf of purchasers of the common stock of WellPoint, Inc.("WellPoint" or the "Company") (NYSE:WLP) between January 23, 2008 and March 10, 2008, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. The action is pending before the Honorable Sarah Evans Barker.
The complaint charges WellPoint and certain of its officers and directors with violations of the Federal Securities Laws. WellPoint operates as a commercial health benefits company in the United States. Defendants made false and misleading statements and failed to disclose material facts concerning WellPoint's medical costs and medical enrollment levels. In addition, based on these false and misleading statements of current fact, defendants misled the market by issuing false and misleading earnings guidance. Additionally, during the class period, defendant Glasscock sold $6.6 million worth of WellPoint stock.
In truth, the Company was experiencing significant increases in its medical costs and adverse reserve developments in 2008 which would require increases to WellPoint's medical cost reserve. WellPoint's membership growth was weighted more towards the less profitable self-funded products and enrollment in fully insured products was down. As a result of these known facts at the beginning of the Class Period, defendants provided earnings guidance which they knew WellPoint would not be able to achieve.
When defendants disclosed the truth to the market on March 10, 2008, the price of WellPoint's common stock dropped 28.3% to close at $47.26, on volume of more than 54 million shares.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges WellPoint and certain of its officers and directors with violations of the Federal Securities Laws. WellPoint operates as a commercial health benefits company in the United States. Defendants made false and misleading statements and failed to disclose material facts concerning WellPoint's medical costs and medical enrollment levels. In addition, based on these false and misleading statements of current fact, defendants misled the market by issuing false and misleading earnings guidance. Additionally, during the class period, defendant Glasscock sold $6.6 million worth of WellPoint stock.
In truth, the Company was experiencing significant increases in its medical costs and adverse reserve developments in 2008 which would require increases to WellPoint's medical cost reserve. WellPoint's membership growth was weighted more towards the less profitable self-funded products and enrollment in fully insured products was down. As a result of these known facts at the beginning of the Class Period, defendants provided earnings guidance which they knew WellPoint would not be able to achieve.
When defendants disclosed the truth to the market on March 10, 2008, the price of WellPoint's common stock dropped 28.3% to close at $47.26, on volume of more than 54 million shares.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
