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WellCare Stock Jumps After Error Admission
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Published: July 22, 2008
TAMPA - Shares of WellCare Health Plans soared today, a day after the company said it was restating more than three years' worth of financial statements due to accounting errors.
At noon, the stock stood at $38.47, up $9.24 or 32 percent from Monday's close of $29.23. A Bloomberg News report quoted a Wachovia Securities analyst crediting the spike to the small size of the restatement.
WellCare said late Monday it would restate earnings for fiscal 2004, 2005, 2006 and the first six months of 2007 after discovering it had understated refunds it owed state governments by $49 million.
WellCare manages benefits for Medicare and Medicaid recipients in several states. The company's Henderson Road headquarters was raided by federal agents in October 2007. The U.S. Attorney's Office has not explained the raid or what information agents were seeking. At that time, the stock was trading in the $120 range.
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