Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit with Expanded Class Period against WellCare Health Plans, Inc

Business Wire, Nov 2, 2007

NEW YORK -- Coughlin Stoia Geller Rudman & Robbins LLP ("Coughlin Stoia") (http://www.csgrr.com/cases/wellcare/) today announced that a class action has been commenced in the United States District Court for the Middle District of Florida on behalf of an expanded Class consisting of all persons other than Defendants who purchased of the common stock of WellCare Health Plans, Inc. ("Wellcare" or "the Company") (NYSE:WCG) between November 4, 2004 and October 25, 2007, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").

If you wish to serve as lead plaintiff, you must move the Court no later than December 26, 2007. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/wellcare/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Wellcare and certain of its officers and directors with violations of the Exchange Act. WellCare provides managed care services exclusively for government-sponsored healthcare programs, focusing on Medicaid and Medicare in the United States.

According to the complaint, during the Class Period, Defendants issued numerous statements regarding the Company and its future prospects. The complaint alleges that Defendants failed to disclose that the Company was operating its business in a potentially illegal and improper manner in violation of applicable federal guidelines and regulations, while it depended, in large part, upon the federal government for payment and other state governments for its reserves.

On October 24, 2007, the Company issued a press release announcing that its Tampa headquarters were raided. According to many news outlets, it was reported that about 200 federal and Florida state agents seized computers and files from corporate, marketing and human resources offices. In response to this announcement, shares of the Company's common stock fell $7.10 per share, or 6%, to close at $115.17 per share, on heavy trading volume.

Over the next day, shares continued to fall. Then, on October 26, 2007, the Company disclosed that the Securities and Exchange Commission ("SEC") had requested information from WellCare. On October 30, 2007, the Associated Press reported that the Florida Agency for Health Care Administration health agency will halt WellCare's plans to expand into new counties while the federal government investigates the Company. In response to these announcements, on October 30, 2007, shares of the Company's stock fell an additional $6.58 per share, or 23%, to close at $22.04 per share, on heavy trading volume.

Plaintiff seeks to recover damages on behalf of all purchasers of Wellcare common stock during the Class Period (the "Class"). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Coughlin Stoia lawyers have been responsible for more than $45 billion in aggregate recoveries. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.