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WellCare Health Plans Agrees Preliminary $200M Settlement in Securities Fraud Case

This is a settlement for the Securities/Stock Fraud lawsuit.

Tampa, FL: Preliminary approval has been granted by a federal judge in Tampa for a $200 million settlement between WellCare Health Plans Inc. and plaintiffs who filed a securities class action alleging health care fraud.

The settlement calls for WellCare to pay $87.5 million in cash and issue $112.5 million in bonds. A stipulation of the settlement includes the requirement that the company pay $52.5 million into an escrow account within 30 business days following the entry of the preliminary approval order, which would be March 24, the filing said. Final approval is set for May 4 2011.

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Published on Feb-11-11


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