An investigation on behalf of investors, who currently hold shares of WellCare Health Plans, Inc. (NYSE: WCG), was announced concerning whether the takeover of WellCare Health Plans, Inc. is unfair to NYSE: WCG stockholders.

The investigation by a law firm concerns whether certain officers and directors of WellCare Health Plans, Inc. breached their fiduciary duties owed to NYSE: WCG investors in connection with the proposed acquisition.

Tampa, FL based WellCare Health Plans, Inc. provides government-sponsored managed care services. On March 27, 2019 /PRNewswire/ -- Centene Corporation (NYSE: CNC) and WellCare Health Plans, Inc. (NYSE: WCG) announced that Centene will acquire WellCare in a cash and stock transaction for $305.39 per share based on Centene's closing stock price on March 26, 2019 for a total enterprise value of $17.3 billion pursuant to the terms of a merger agreement.

However, given that at least one analyst has set the high target price for NYSE: WCG shares at $350.00 per share, the investigation concerns whether the offer is unfair to NYSE: WCG stockholders. More specifically, the investigation concerns whether the WellCare Health Plans Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

WellCare Health Plans, Inc. reported that its annual total Revenue rose from over $17 billion in 2017 to over $19.98 billion in 2018 and that its Net Income increased from $373.70 million in 2017 to $439.80 million in 2018.

Shares of WellCare Health Plans, Inc. (NYSE: WCG) reached in October 2018 as high as $324.99 per share in the open market.