Navigation Links
Shareholder Class Action Filed Against WellPoint, Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP

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

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

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

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:
(Date:6/27/2016)... ... June 27, 2016 , ... A revolution is underway. ... transport experience for the millions of people who require these medical transport services ... industry through the use of technology. Now, SmartEMS has put forth an industry-changing ...
(Date:6/26/2016)... ... June 26, 2016 , ... On June 10-11, 2016, A Forever Recovery, a ... and World’s Longest Breakfast Table in Battle Creek, MI, where the rehabilitation facility is ... to some of the world’s leading providers of cereal and other breakfast foods. Its ...
(Date:6/26/2016)... Charlotte, NC (PRWEB) , ... June 26, 2016 , ... Brent Kasmer, a legally blind ... able to be personalized through a fitness app. The fitness app plans to fix the ... solutions currently only offer a one size fits all type program , They ...
(Date:6/25/2016)... ... ... Austin residents seeking Mohs surgery services, can now turn to Dr. Jessica ... Peckham for medical and surgical dermatology. , Dr. Dorsey brings specialization to include Mohs ... Mohs Micrographic Surgery completed by Dr. Dorsey was under the direction of Glenn Goldstein, ...
(Date:6/25/2016)... ... June 25, 2016 , ... First Choice Emergency Room , the largest ... as the Medical Director of its new Mesquite-Samuell Farm facility. , “We are ... Mesquite location,” said Dr. James M. Muzzarelli, Executive Medical Director of First Choice Emergency ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... , June 23, 2016 Roche (SIX: ... 510(k) clearance for its Elecsys BRAHMS PCT (procalcitonin) assay ... sepsis or septic shock. With this clearance, Roche is ... a fully integrated solution for sepsis risk assessment and ... with bacterial infection and PCT levels in blood can ...
(Date:6/23/2016)... , June 23, 2016 , ... Thursday, July 7, 2016 , , , , LOCATION: , ... , , , , EXPERT PANELISTS:  , , , Frost ... Industry Analyst, Christi Bird; Senior Industry Analyst, Divyaa Ravishankar and Unmesh ... The global pharmaceutical industry is witnessing an exceptional era. Several ...
(Date:6/23/2016)... , June 23, 2016 The vast ... an outpatient dialysis facility.  Treatments are usually 3 times ... hours per visit, including travel time, equipment preparation and ... patient, but especially grueling for patients who are elderly ... a skilled nursing and rehabilitation centers for some duration ...
Breaking Medicine Technology: