Navigation Links
Shareholder Class Action Filed Against WellPoint, Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
Date:4/22/2008

RADNOR, Pa., April 22 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of Indiana on behalf of all purchasers of securities of WellPoint, Inc. (NYSE: WLP) ("WellPoint" or the "Company") from January 23, 2008 through March 10, 2008, inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbtklaw.com.

The Complaint charges WellPoint and certain of its officers and directors with violations of the Securities Exchange Act of 1934. WellPoint is the largest health benefits company in terms of commercial membership in the United States. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's medical costs were rising drastically, while at the same time the Company's reserves for medical costs were understated; (2) that the Company's growth in enrollment was in the less profitable sectors, such as self-funded members and products, and that the Company was not achieving sufficient new enrollment of Fully Insured Members; (3) that the Company's geographic diversity was not able to neutralize the adverse economic factors affecting the Company; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.

On March 10, 2008, the Company shocked investors when it reduced its full year 2008 growth guidance from 15.3% to between 4% and 8% and stated that this would only occur if net realized gains were about $0.06 per share. Additionally, the Company decreased its first quarter 2008 guidance from $1.44 per share to between $1.16 and $1.26 per share, assuming net realized investment gain of $0.06 per share. The Company admitted that it had incurred higher than expected medical costs and lower than expected Fully Insured enrollment. The Company also blamed is troubles on a changing economic environment.

Upon the release of this news, the Company's shares declined $18.66 per share, or 28.31 percent, to close on March 11, 2008 at $47.26 per share, on unusually heavy trading volume.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.

For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com

If you are a member of the class described above, you may, not later than May 19, 2008, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

CONTACT: Schiffrin Barroway Topaz & Kessler, LLP

Darren J. Check, Esq.

Richard A. Maniskas, Esq.

280 King of Prussia Road

Radnor, PA 19087

1-888-299-7706 (toll free) or 1-610-667-7706

Or by e-mail at info@sbtklaw.com


'/>"/>
SOURCE Schiffrin Barroway Topaz & Kessler, LLP
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Arrow International Urges Shareholders To Vote for Approval of the $45.50 Teleflex Inc. Merger and for the Current Board of Directors
2. Zimmer Holdings Offer and ORTHOsoft Directors Circular Mailed to Shareholders
3. Glass Lewis Recommends Arrow Shareholders Vote on the White Proxy Card for Merger With Teleflex and for Current Board of Directors at Arrow Annual Meeting
4. United Medicorp, Inc.s Shareholders Approve All Proposals
5. Arrow International Sends Letter Reminding Shareholders to Vote White Proxy Card in Support of Teleflex Merger and Election of Current Board of Directors
6. Proxy Governance Joins ISS, Glass Lewis and Egan Jones in Recommending Arrow International Shareholders Vote to Approve the $45.50 Per Share Merger With Teleflex
7. Arrow International, Inc. Invites You to Join Its 2007 Annual Meeting of Shareholders on the Web
8. Kensey Nash Reports Acceleration of Stock Awards Triggered by Shareholder Acquisition of Greater Than 20% of Outstanding Shares
9. Flextronics Shareholders and Solectron Stockholders Approve Acquisition
10. Healthcare Technologies to Reschedule the Shareholders Meeting to Approve the NexGen Biofuels Transaction
11. NOVT Corporations Board of Directors Terminates Shareholder Rights Plan
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/29/2016)... Beverly Hills, CA (PRWEB) , ... April 29, 2016 , ... ... distributor of devices and products for the head and neck/ear, nose and throat specialty, ... Safety Device , The KOTLER NASAL AIRWAY™ is a newly patented safety ...
(Date:4/29/2016)... ... April 29, 2016 , ... ... a growth round of funding led by Eastside Partners, with participation from existing ... rapidly growing customer base and accelerate its technology and product roadmap. ...
(Date:4/29/2016)... ... April 29, 2016 , ... Regenerative Medicine Solutions (RMS) scored ... satisfaction survey, earning them second place for Tampa’s Best Places to Work. They were ... “This is a great accomplishment for our team,” says RMS Human Resources Manager Irene ...
(Date:4/29/2016)... CA (PRWEB) , ... April 29, 2016 , ... The ... L. Frederick, Dr. Sanaz Ghazal, and Dr. Daniel A. Potter -- are proud of ... for Assisted Reproductive Technology (SART). In April, SART published the latest verified ...
(Date:4/29/2016)... ... April 29, 2016 , ... Natren, Inc. recently sent representatives ... Petbiotics ™, as they fondly call them. As animal lovers, they were ... their non-profit organizations. Animal rescues across the nation face huge hurdles rescuing animals ...
Breaking Medicine News(10 mins):
(Date:4/29/2016)... , April 29, 2016 ... glyco-biology expertise, today announces the appointment of Dr. ... Dr. Zurlo is an oncologist with many years clinical ... and biotechnology industries. His last role was at Mologen ... of the Executive Board. Previously Dr. Zurlo held various ...
(Date:4/28/2016)... YORK , April 28, 2016  While ... notably complement the company,s valve repair and stent ... move also places Abbott more firmly into patient ... of the fastest growing device areas, with double-digit ... its recent report,  Advanced Remote Patient Monitoring ...
(Date:4/28/2016)... Dr. ... und Stephen Schmidt werden Teil ... ein führender Anbieter cloudbasierter Softwarelösungen für den ... neue Führungskräfte zum Team Sicherheit und Pharmakovigilanz ... Erfahrungen mitbringen.  Dies wird die Geschäftseinheit Sicherheit ...
Breaking Medicine Technology: