INVESTOR ALERT: KGS Announces the Initial Filing of Securities Fraud Class Action Lawsuit Against WellCare Health Plans, Inc. - WCG

Market Wire, October, 2007

Kahn Gauthier Swick, LLC ("KGS") has filed a class action lawsuit against WellCare Health Plans, Inc. ("WellCare" or the "Company") (NYSE: WCG) in the United States District Court for the Middle District of Florida, Tampa Division, Case No. 8:07 CV 1940-T24, on behalf of shareholders who purchased the common stock of the Company between May 8, 2006 and October 24, 2007, inclusive (the "Class Period"). No class has yet been certified in this action.

UNLESS A CLASS IS CERTIFIED, YOU ARE NOT PERSONALLY REPRESENTED BY COUNSEL UNLESS YOU RETAIN AN ATTORNEY.

If you would like to discuss your legal rights, you may e-mail or call KGS Managing Partner Lewis Kahn, without obligation or cost to you, toll free 1-866-467-1400, ext. 100, via cell phone after hours at 504-301-7900, or by email at lewis.kahn@kgscounsel.com .

WellCare, along with its Chief Executive Officer, President and Chairman of its Board of Directors Todd S. Farha, and its Chief Financial Officer and Senior Vice President Paul L. Behrens, are charged with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934 (the "Exchange Act").

On October 24, 2007, state and federal law-enforcement agents armed with a federal search warrant raided WellCare's Tampa, Florida headquarters. Agents from the Federal Bureau of Investigation, the Health and Human Services Department and the Florida attorney general's Medicaid fraud unit participated in the raid. WellCare provides managed-care plans for 2.3 million Medicare and Medicaid participants nationwide.

The Complaint filed today alleges that at all times during the Class Period: (1) it was not true that the Company was operating according to plan, when, in fact, throughout the Class Period, defendants had propped up the Company's results by manipulating WellCare's accounting for revenues and income, and failed to report proper expenses and other material information about the Company;(2) unbeknownst to investors, defendants had materially overstated the Company's profitability by failing to properly account for the Company's health care expenses and results of operations and by artificially inflating the Company's financial results; (3) it was also not true that WellCare contained adequate systems of internal operational or financial controls, such that WellCare's reported financial statements were true, accurate or reliable; (4) as a result of the foregoing, it also was not true that the Company's financial statements and reports were prepared in accordance with GAAP ad SEC rules. Accordingly, as a result of the aforementioned adverse conditions which defendants failed to disclose, throughout the Class Period, defendants lacked any reasonable basis to claim that WellCare was operating according to plan, or that WellCare could achieve guidance sponsored and/or endorsed by defendants.

Following the news of the raid on WellCare's headquarters, the New York Stock Exchange subsequently halted trading of shares in WellCare. The Company's shares fell $7.10, or 5.8%, to $115.17 per share at market close on October 24, 2007. Then, on October 25, 2007, when shares resumed trading, shares opened at approximately $64.00 per share, before reaching an intra day low of $27.50 and closing at $42.67.

If you wish to serve as lead plaintiff in this class action lawsuit, you must move the Court no later than December 26, 2007. Any member of the putative 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. If you would like to discuss your legal rights, you may e-mail or call KGS Managing Partner Lewis Kahn, without obligation or cost to you, toll free 1-866-467-1400, ext. 100, after hours via cell phone 504-301-7900, or by email at lewis.kahn@kgscounsel.com . To learn more about KGS, you may visit www.kgscounsel.com . KGS focuses its practice on securities litigation, and has been appointed lead counsel in numerous federal securities cases.

SPECIAL NOTICE: While federal law does not prohibit other lawyers from "announcing" the filing of this class action through the issuance of other press releases, KGS is the law firm that researched, investigated, drafted and filed the securities fraud case against WellCare. If you are a WellCare shareholder who decides to contact one of these lawyers, KGS reminds you to interview any such lawyer to assure that he or she understands the facts surrounding the substantive claims alleged in the complaint KGS has filed with the Court. Factors bearing on a law firm's ability to successfully prosecute this action and obtain a recovery for you include its lawyers' knowledge of applicable federal securities laws, the resources it will dedicate to prosecution of the case (including the number of lawyers the firm has available to prosecute this action) and the quality of the firm's work.

Contact: Lewis Kahn KGS 1-866-467-1400, ext. 100 email: lewis.kahn@kgscounsel.com