WellCare ( WCG) plunged for the second straight day as the Medicare/Medicaid HMO confronted a second wave of problems tied to Wednesday's raid of its Tampa, Fla., headquarters by state and federal agents.

Shares dropped 22% Friday, adding to Thursday's 62% tumble. WellCare was trading at $33 and change just days after it hit a 52-week high above $128.

The latest setback for the health insurer was an investigation by Connecticut's attorney general, Richard Blumenthal.

"My office is investigating transactions between WellCare and its affiliate companies -- and their potential impact on the costs of our state's Medicaid program," Blumenthal said.

Adding to worries about WellCare was an investor lawsuit and a plan by rating agency Moody's to review the firm's debt ratings.