WellCare laying off 9 percent of its work force

WellCare Health Plans Inc. said Wednesday it is laying off 9 percent of its work force as part of a restructuring move.

In all, the company said it will lay off 360 workers, partly because of its move to withdraw from Medicare Advantage fee-for-service plans in 2010. The company has already suspended marketing and enrollment for Medicare health plans because of regulatory sanctions.

The Centers for Medicare & Medicaid Services imposed sanctions on the company's Medicare Advantage plans and Medicare Prescription Drug Plans, following audits. The company has been under scrutiny by federal agencies since 2007 when the FBI and the Florida attorney general's Medicaid Fraud Control Unit raided its Tampa offices.

Shares of WellCare rose 31 cents to $19.70 in after-hours trading after rising $1.09, or 6 percent, to close at $19.39 during the regular trading session.