WellPoint, Inc. describes itself as the largest health benefits company in terms of commercial membership in the United States.

The original Complaint charges WellPoint and certain of its officers and directors with violations of the Securities Exchange Act of 1934. 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.

On March 10, 2009, an Order appointing lead Plaintiff, Plaintiffs’ lead Counsel and Plaintiffs’ liaison Counsel was entered by the court. Dorothy Wade was appointed as lead Plaintiff. The Law Offices Bernard M. Gross, P.C. and Coughlin Stoia Geller Rudman & Robbins LLP were appointed Plaintiff’s lead Counsel and Cohen & Malad, LLP was appointed as Plaintiffs liaison Counsel. On May 11, 2009, an Amended Class Action Complaint was filed. The Defendants responded by filing a motion to dismiss on July 10, 2009.

On September 22, 2010, an Order was issued by the Court granting the Defendant’s motion to dismiss Plaintiff’s Amended Complaint for failing to satisfy the heightened pleading standard of the PSLRA. Therefore, Defendants’ Motion to Dismiss Amended Complaint was granted, without prejudice.

On August 31, 2012, the Court issued an Order denying Plaintiff's Motion for Leave to File a Second Amended Complaint.

On September 5, 2012, the Court entered judgment in favor of Defendants and against the Plaintiffs.