Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/wellpoint/) today announced that a class action has been commenced in the United States District Court for the Southern District of Indiana on behalf of purchasers of WellPoint, Inc. (“Wellpoint”) (NYSE:WLP) common stock during the period between January 23, 2008 and March 10, 2008 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/wellpoint/. 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.
The complaint charges WellPoint and certain of its officers and directors with violations of the Securities Exchange Act of 1934. WellPoint describes itself as the largest health benefits company in terms of commercial membership in the United States.
The complaint alleges that during the Class Period, defendants made false and misleading statements and failed to disclose material facts concerning WellPoint’s medical costs and medical enrollment levels. In addition, the complaint alleges that defendants misled the market by issuing false and misleading earnings guidance.
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 per share, on volume of more than 54 million shares traded, many times the average daily trading volume for WellPoint common stock.
Plaintiff seeks to recover damages on behalf of all purchasers of Wellpoint common stock during the Class Period (the “Class”). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.
Contacts:
Samuel H. Rudman,
800-449-4900
or
David A. Rosenfeld
djr@csgrr.com
