Investors felt mislead...what's the answer...I guess go to court...one more reason healthcare profits should have some type of regulation on profits allowed...but nobody complains when things are good and claims are paid...BD
WellPoint Inc., the parent company of Blue Cross of California, is facing a shareholder lawsuit following a revision of its earnings guidance after market close March 10.
Stock price for WellPoint (NYSE: WLP) dropped from $65.92 per share at market close March 10 to $47.26 per share March 11, on a volume of more than 54 million shares traded, many times the stock's average daily trading volume.
The suit was filed March 18 in federal district court in Indiana by lawyers at the firm of Coughlin Stoia Geller Rudman & Robbins LLP, the firm said.
It seeks to represent all persons who purchased stock between Jan. 23, when the company announced its Q4 and full year 2007 results, and March 10, when WellPoint revised its earnings guidance.The stock was trading at $47.10 per share at the close of market March 18, compared with almost $80 per share at this time a year ago.
WellPoint hit with shareholder suit - East Bay Business Times:
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