WellCare Reaches Legal Settlement With Investors
February 10, 2011 by Timothy Wilkes · Leave a Comment
WellCare Settles With Big Investors
WellCare Health Plans is continuing to clean up the mess of a Medicaid fraud scandal, reaching a legal settlement with investors that could have a price-tag as high as $200 million. … Investors filed two class-action lawsuits in October and November 2007 — which were later consolidated into one case … The lawsuits, at least in part, contended that the company misstated financial conditions by “purportedly overstating revenue and understating expenses” (Saunders, 2/10).
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