WellCare Health Plans Class Action Settlement Of Shareholder Class Action Lawsuit AgainstWellCare Health Plans Over Alleged Accounting Scandal.
A class action settlement has been announced in a class action lawsuit against WellCare Health Plans, Inc. (“WellCare Health Plans” or “Defendant”) pending in the United States District Court for the Middle District of Florida, over an alleged accounting scandal, according to class action settlement news reports.
Under the proposed WellCare Health Plans securities class action settlement, WellCare Health Plans, which provides managed care services for government-sponsored health care programs, such as Medicaid and Medicare, will reportedly make cash payments to the class of $52.5 million within thirty days following the Court’s preliminary approval of the settlement, $35.0 million by July 31, 2011 and will issue to the class tradable unsecured bonds having an aggregate face value of $112.5 million, with a fixed coupon of 6% and a maturity date of December 31, 2016.
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