WellPoint Inc (NYSE: WLP) Investor Securities Class Action Lawsuit 03/18/2008

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Company Name(s): 
WellPoint
Case Name: 
WellPoint Shareholder Class Action Lawsuit 03/18/2008
Case Status: 
Judgment Issued
Case Status: 
Case Dismissed
Affected Securities
NYSE: WLP
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/18/2008
Class Period Begin: 
01/23/2008
Class Period End: 
03/10/2008
Court of Filing: 
U.S. District Court for the Southern District of Indiana
Case Dismissed: 
09/05/2012
Summary: 

September 5, 2012- The court entered a final judgement in favor of the defendants.

August 31, 2012- The court denied the defendants' motion for leave to file a second amended complaint.

November 8, 2010 - The defendants filed a motion for leave to file a second amended complaint.

September 22, 2010- The court granted the defendants’ motion to dismiss was granted without prejudice.

July 10, 2009 - The defendants filed a motion to dismiss.

May 11, 2009 - The lead plaintiff filed an amended complaint.

March 10, 2009 - The lead plaintiff and lead counsel were appointed.

June 10, 2008 - Lead plaintiff motion was filed.

March 13, 2008 - An investor in shares of WellPoint Inc (NYSE: WLP) filed a lawsuit in the U.S. District Court for the Southern District of Indiana against WellPoint Inc over alleged violations of Federal Securities Laws.

The plaintiff alleges that, WellPoint Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. WellPoint Inc describes itself as the largest health benefits company in terms of commercial membership in the United States.

The complaint alleges that between January 23, 2008 and March 10, 2008, defendants made false and misleading statements and failed to disclose material facts concerning WellPoint Inc’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 Inc’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 Inc common stock.