Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Genworth Financial, Inc. (GNW) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Genworth Financial, Inc. (“Genworth” or the “Company”) (NYSE: GNW) of the October 20, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Genworth and certain executives.
A complaint has been filed in the Southern District of New York on behalf of all persons who purchased Genworth securities between December 4, 2013 through July 29, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, the Company failed to disclose: (i) that Genworth’s long term care insurance (“LTC”) claims had grown in both number and size; and (ii) that the reserves of the Company would have to increase in order to meet these claims.
On July 29, 2014, Genworth announced that its LTC insurance division had suffered from higher losses than the prior quarter because of the increased number and size of LTC insurance claims. The Company further disclosed that it was conducting a comprehensive review concerning the adequacy of its claim reserves.
Following this news, the price of Genworth stock declined by $2.28, over 14%, to close at $13.98 on July 30, 2014.
If you invested in Genworth stock or options between December 4, 2013 through July 29, 2014 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Genworth’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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