Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Centene Corporation To Contact the Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Centene Corporation (“Centene” or the “Company”) (NYSE: CNC).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that Centene’s 2012 outlook provided on February 7, 2012, lacked a reasonable basis when made due to existing and known competitive pressures. On June 11, 2012, the Company cut its full-year profit and revenue forecasts due to higher-than-expected medical costs.
Also on June 11, 2012, the Company (1) revised its 2012 guidance; (2) disclosed that expenses were above initially projected for commercial polices sold by its Celtic Insurance unit; and (3) revealed that Centene was evaluating goodwill and intangible assets at the unit, which may result in a non-cash charge of about $28 million. Upon this news, shares of Centene stock fell from a close of $35.47 the previous business day to a close of $27.58 per share.
If you purchased Centene securities between February 7, 2012 and June 8, 2012 and would like to discuss your legal rights, contact us by calling Juan Monteverde, Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org, email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Centene’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Juan E. Monteverde
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.