NEW ORLEANS, Oct. 25, 2007 (PRIME NEWSWIRE) -- Kahn Gauthier Swick, LLC ("KGS") announces that it has initiated an investigation into WellCare Health Plans, Inc. ("WellCare" or the "Company") to determine its civil liability under the federal securities laws to shareholders in the wake of recent news that federal authorities raided its Tampa headquarters.
About 200 agents from the Federal Bureau of Investigation, the U.S. Department of Heath and Human Services and the Florida Attorney General's Medicaid Fraud Control Unit undertook the search early Wednesday morning pursuant to a federal search warrant. The Attorney General's Medicaid Fraud Control Unit took part in the search.
As of this morning, shares of WellCare were down almost 60%, to $52 per share, from Wednesday's close.
If you are a WellCare shareholder, and would like to discuss your legal rights, or have information that may assist KGS in its investigation, you may e-mail or call KGS, without obligation or cost to you. You may contact Managing Partner Lewis Kahn of KGS direct, toll free 1-866-467-1400, ext. 100, or by email at lewis.kahn@kgscounsel.com. KGS focuses its practice on securities litigation, and has been appointed lead counsel in numerous federal securities cases. For more information on KGS, please visit www.kgscounsel.com.