Case Page

 

Case Status:    DISMISSED    
On or around 09/10/2012 (Other)

Filing Date: March 18, 2008

The original 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.

On March 10, 2009, an Order Appointing Lead Plaintiff, Plaintiffs’ Lead Counsel And Plaintiffs’ Liaison Counsel was entered by the court. Dorothy Wade was apointed 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.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Accident & Health)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: WLP
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Indiana
DOCKET #: 08-CV-00357
JUDGE: Hon. Sarah Evans Barker
DATE FILED: 03/18/2008
CLASS PERIOD START: 01/23/2008
CLASS PERIOD END: 03/10/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen & Malad, LLP
    136 North Delaware - Suite 300, Cohen & Malad, LLP, IN 46204
    317.636.6481 317.636.2593 ·
  2. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  3. Law Offices of Bernard M. Gross (Philadelphia) (former)
    1515 Locust Street, 2nd Floor, Law Offices of Bernard M. Gross (Philadelphia) (former), PA 19102
    215-561-3600 215-561-3000 · bmgross@bernardmgross.com
  4. Law Offices of James M. Orman
    1845 Walnut Street, 14th Floor, Law Offices of James M. Orman, PA 19103
    215.523.7800 ·
No Document Title Filing Date
COURT: S.D. Indiana
DOCKET #: 08-CV-00357
JUDGE: Hon. Sarah Evans Barker
DATE FILED: 05/11/2009
CLASS PERIOD START: 01/23/2008
CLASS PERIOD END: 03/10/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
  2. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
No Document Title Filing Date
No Document Title Filing Date