After Raid, WellCare Facing Securities Suits

Law360 (October 26, 2007, 12:00 AM EDT) -- Days after federal and Florida state agents raided WellCare Health Plans Inc.’s Tampa offices, the health insurance company is facing another potential threat: shareholder suits.

On Friday, at least two law firms filed suit against WellCare in the U.S. District Court for the Middle District of Florida, seeking to represent a class of shareholders who purchased the company’s common stock during a period leading up to the October 24 raid.

On Wednesday, more than 200 agents from the Federal Bureau of Investigation, the U.S. Department of...
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