Dorothy Wade, on Behalf of Herself and All Others Similarly Situated v. WellPoint Inc., Angela F. Braly, Wayne Deveydt
Published: Oct. 16, 2010 | Result Date: Sep. 28, 2010 | Filing Date: Jan. 1, 1900 |Case number: 1:08-cv-00357-SEB-WTL Bench Decision – Dismissal
Court
USDC Indiana
Attorneys
Plaintiff
David A. Rosenfeld
(Weinberg, Roger & Rosenfeld PC)
Irwin B. Levin
(Cohen & Malad LLP)
Richard E. Shevitz
(Cohen & Malad LLP)
Defendant
Michael M. Maddigan
(Hogan Lovells LLP)
David I. Hurwitz
(Bird, Marella, Boxer, Wolpert, Nessim, Drooks, Lincenberg & Rhow PC)
Facts
Dorothy Wade sued WellPoint Inc., its CEO, its CFO, and its Chairman, alleging that the defendants committed securities fraud.
Contentions
PLAINTIFF'S CONTENTIONS:
Plaintiff contended that defendants committed violations of federal securities laws by they promulgating exaggerated financial projections. Plaintiff also argued that defendants failed to reveal a materially adverse condition that would have had an effect on the projections.
DEFENDANT'S CONTENTIONS:
Defendants argued that plaintiff failed to demonstrate that they acted knowingly.
Result
The court dismissed plaintiff's claims, finding that plaintiff failed to meet the pleading standards of the Private Securities Litigation Reform Act.
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