Summary Notice of Pendency of Class Action and Proposed Settlement, Settlement Fairness Hearing, and Motion for Attorneys' Fees and Reimbursement of Litigation Expenses

Mar 03, 2011, 09:00 ET from Bernstein Litowitz Berger & Grossmann LLP from ,Labaton Sucharow LLP

TAMPA, Fla., March 3, 2011 /PRNewswire/ -- The following statement is being issued by Bernstein Litowitz Berger & Grossmann LLP and Labaton Sucharow LLP regarding the WellCare Securities Litigation.

UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF FLORIDA TAMPA DIVISION

EASTWOOD ENTERPRISES, LLC, Individually and on Behalf of All Others Similarly Situated, Plaintiffs, vs. TODD S. FARHA, PAUL L. BEHRENS, THADDEUS BEREDAY, and WELLCARE HEALTH PLANS, INC., Defendants. Case No.: 8:07-cv-1940-VMC-EAJ

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT, SETTLEMENT FAIRNESS HEARING, AND MOTION FOR ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF WELLCARE HEALTH PLANS, INC. DURING THE PERIOD FROM FEBRUARY 14, 2005 THROUGH 10:59 A.M. EASTERN STANDARD TIME ON OCTOBER 24, 2007, INCLUSIVE, (THE "CLASS PERIOD") AND WHO WERE DAMAGED THEREBY (THE "CLASS").

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that the above-captioned action has been preliminarily certified as a class action for the purposes of settlement only and that a settlement of the Action in the face amount of at least $200 million has been proposed by the Parties. (fn 1)  A hearing will be held before the Honorable Virginia M. Hernandez Covington of the United States District Court for the Middle District of Florida, Tampa Division in the Sam M. Gibbons United States Courthouse, 801 North Florida Avenue, Tampa, Florida 33602, at 10:00 a.m., on May 4, 2011 to determine:  whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate; whether the Class should be certified and class representatives and class counsel be appointed; whether the proposed plan of allocation for distribution of the settlement proceeds should be approved; and to consider the request of Lead Counsel for attorneys' fees and reimbursement of litigation expenses; and the request of Lead Plaintiffs for reimbursement of their reasonable costs and expenses relating to their representation of the Class.  The Court may change the date of the hearing without providing another notice.  

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE NET SETTLEMENT FUND.  If you have not yet received the full printed Notice of Pendency of Class Action and Proposed Settlement, Settlement Fairness Hearing, and Motion for Attorneys' Fees and Reimbursement of Litigation Expenses and a Proof of Claim form, you may obtain copies of these documents by contacting the Claims Administrator:

WellCare Securities Litigation

Claims Administrator

GCG, Inc.

P.O. Box 9640

Dublin, OH 43017-4940

888-345-0869

www.WellCareSecuritiesLitigation.com



Inquiries, other than requests for information about the status of a claim, may also be made to Co-Lead Counsel:

Bernstein Litowitz Berger & Grossmann LLP

- or -

Labaton Sucharow LLP

1285 Avenue of the Americas


140 Broadway

New York, NY 10019


New York, NY 10005

Attn:  Steven B. Singer


Attn:  James W. Johnson

(866) 648-2524


(888) 219-6877

www.blbglaw.com


www.labaton.com



To participate in the proposed settlement and be eligible to receive a recovery, you must submit a Proof of Claim form postmarked no later than June 4, 2011.  To exclude yourself from the Class, you must submit a request for exclusion for receipt no later than April 13, 2011.  If you are a Class Member and do not exclude yourself from the Class, you will be bound by the Court's Order and Judgment.  Any objections to the Settlement must be filed with the Court and served on counsel for the parties for receipt on or before April 13, 2011.  If you are a Class Member and do not timely submit a valid Proof of Claim form, you will not share in the Settlement, but you nevertheless will be bound by the Order and Judgment of the Court.  

DATED:  February 24, 2011

BY ORDER OF THE COURT

UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF FLORIDA TAMPA DIVISION

BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP

LABATON SUCHAROW LLP

Steven B. Singer

Thomas A. Dubbs

Niki L. Mendoza

James W. Johnson

Jeremy P. Robinson

Michael Stocker

Laura H. Gundersheim

Michael Woolley

John Rizio-Hamilton

140 Broadway

1285 Avenue of the Americas

New York, NY 10005

New York, NY 10019

Tel: (888) 219-6877

Tel: (866) 648-2524

Fax: (212) 818-0477

Fax: (212) 554-1444




Counsel for Teachers' Retirement System of Louisiana, Public School Teachers' Pension & Retirement Fund of Chicago, and Policemen's Annuity and Benefit Fund of Chicago, and Court-appointed Lead Counsel for the Class

Counsel for the New Mexico State Investment Council and the Public Employees Retirement Association of New Mexico, and Court-appointed Lead Counsel for the Class





(fn 1) All capitalized terms not otherwise defined in this document shall have the meaning provided in the Stipulation and Agreement of Settlement with WellCare Health Plans, Inc., dated December 17, 2010.

SOURCE Bernstein Litowitz Berger & Grossmann LLP; Labaton Sucharow LLP