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Tuesday, October 30, 2007
SEC Joins WellCare Probe, Requests Information After FBI Raid
October 29, 2007 (FinancialWire) The Securities and Exchange Commission has requested information from WellCare Health Plans Inc. (NYSE: WCG), which manages health care for more than a million poor Americans, after the FBI raided the company s Florida headquarters. The company and two top executives were sued by shareholder, Eastwood Enterprises LLC, which has alleged that the company disseminated materially false and misleading statements and concealed adverse facts. Eastwood Enterprises LLC is seeking class action status, covering buyers of WellCare stock between May 8, 2006 and October 24, 2007, according to the complaint.
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