TRUMBULL, Conn., July 25 /PRNewswire-FirstCall/ -- Oxford Health Plans,
Inc. (NYSE: OHP) today announced that it has reached a settlement with the
Securities and Exchange Commission that resolves a previously disclosed
investigation commenced in December 1997 following Oxford's October 27, 1997
announcement of a loss for the third quarter of that year. Without admitting
or denying the SEC's findings, all dating back to 1997, Oxford consented to
the entry of an administrative cease and desist order regarding certain books
and records, internal controls and reporting provisions of the Securities
Exchange Act of 1934 and a civil penalty of $250,000. The SEC's order does
not make any findings of fraud by Oxford or any of its present or former
officers or directors.
(LOGO: http://www.newscom.com/cgi-bin/prnh/20001212/OXHPLOGO )
Founded in 1984, Oxford Health Plans, Inc. provides health plans to
employers and individuals in New York, New Jersey and Connecticut, through its
direct sales force, independent insurance agents and brokers. Oxford's
services include traditional health maintenance organizations,
point-of-service plans, third-party administration of employer-funded benefits
plans and Medicare plans.
SOURCE Oxford Health Plans, Inc.
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Related links:
http://www.oxfordhealth.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20001212/OXHPLOGO
Company News On-Call:
http://www.prnewswire.com/comp/104612.html
CONTACT:
Investor Contact - Gary Frazier,
+1-203-459-7331 or Media Contact - Maria Gordon Shydlo,
+1-212-805-3420, both of Oxford Health Plans, Inc.
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