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Case ID: 5066 | Stocks | 07/17/2008
According to a press release dated March 18, 2008, 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.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Several class actions have been filed against Network Engines, Inc. (Nasdaq: NENG) and certain of its officers and directors by stockholders who purchased the company's common stock between November 6, 2003, and December 10, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Mannatech, Inc. (MTEX), certain of its officers and directors by stockholders who purchased the company's common stock between August 10, 2004 and May 8, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against direct-to-consumer specialty medical products provider PolyMedica Corporation (Nasdaq: PLMD) and certain of its officers and directors by stockholders who purchased the company's common stock between July 23, 2001, and June 30, 2003.
A class action has been filed against Orange 21, Inc., (NasdaqNM:ORNG), certain of its officers and directors by stockholders who purchased the company's common stock between December 14, 2004 and December 14, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against bulk transporter Quality Distribution, Inc. (Nasdaq:QLTY) and certain of its officers and directors by stockholders who purchased the company's common stock between November 7, 2003, and February 2, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. When a company misrepresents its value, stockholders who are hurt have the right to go to court. Several class actions have been filed against software provider Portal Software, Inc. (Nasdaq:PRSF) and certain of its officers and directors by stockholders who purchased the company's common stock between May 20, 2003, and November 13, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. |
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