Defendant Name: WellCare Health Plans, Inc.

Defendant Type: Public Company

Document Reference: court_doc4_09-cv-00910

Document Details

Legal Case Name SEC v. WellCare Health Plans, Inc.
Document Name Final Judgment as to Defendant WellCare Health Plans, Inc.
Document Date 01-Jun-2009
Document Format Civil Proceeding
Case Number 09-cv-00910
Federal District Court Florida, Middle District of Florida
Federal District Judge Virginia M. Hernandez Covington
Allegation Type Issuer Reporting and Disclosure
Document Summary On June 1, 2009, the Court issued a final judgment as to Defendant WellCare Health Plans, Inc., stating: "Defendant WellCare Health Plans, Inc. . . . consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."

Disgorgement & Penalty Information

Resolutions
Enjoinment
Monetary Penalties:

Disgorgement

Individual:     $1.00 Shared:    

Civil Penalty

Individual:     $10,000,000.00 Shared:    

Total Penalty

Individual:     $10,000,001.00 Shared:    

Related Documents:

comp21044 18-May-2009 Complaint
Complaint
The SEC stated: "From at least November 2003 through at least October 2007 (the "relevant period"), defendant WellCare Health Plans, Inc. ("WellCare" or the "Company"), a managed health care services company, engaged in a fraudulent health care scheme which inflated its publicly reported profits by retaining over $40 million it was statutorily and contractually obligated to reimburse to agencies of the state of Florida. As a result, WellCare materially overstated its publicly reported net income and diluted earnings per share ("EPS") in its periodic filings with the Commission throughout this period."
LR-21044 18-May-2009 Litigation Release
SEC Files Action Against WellCare Regarding Scheme to Withhold Money from Florida Health Care Programs; Company to Pay $10 Million Penalty
The SEC stated that: "[It] filed a settled civil injunctive action against WellCare Health Plans, Inc. ("WellCare"), a managed care services company that administers federal government-sponsored health care programs. According to the Commission's complaint, from at least November 2003 to October 2007, WellCare fraudulently retained over $40 million it was required to return to Florida state agencies under programs that provided mental health services to Medicaid recipients and health care services to uninsured children. As a result, WellCare materially overstated its publicly reported net income and diluted earnings per share in periodic filings made with the Commission."