On behalf of The New Mexico State Investment Council and the Public Employees Retirement Association of New Mexico, Co-Lead Counsel for the Class, Labaton Sucharow LLP, is prosecuting the consolidated federal securities class action against WellCare Health Plans, Inc., ("WellCare"), a Florida-based managed healthcare service provider. WellCare lost $3.6 billion in market capitalization when it revealed that it is the subject of investigations by the FBI, the Attorneys General of Florida and Connecticut, and the SEC. The action alleges that WellCare systematically overcharged state Medicaid programs by hiding WellCare’s profitability in state filings thereby obtaining higher payments from the states for WellCare’s plans. Lead Plaintiffs also allege that there was significant and suspiciously timed insider selling of more than $525 million of WellCare stock.

On March 11, 2008, The New Mexico State Investment Council and the Public Employees Retirement Association of New Mexico were appointed as Co-Lead Plaintiffs in this action. Labaton Sucharow, along with Co-Counsel, filed a consolidated amended complaint on October 31, 2008. On September 28, 2009 the Court denied motions to dismiss the consolidated complaint, and discovery is now underway.