WAYNE, Pa.--(BUSINESS WIRE)--Goldman Scarlato Karon & Penny, P.C. is investigating potential claims on behalf of investors who purchased Genworth Financial (“Genworth” or the "Company") (NYSE: GNW) stock between February 3, 2012 and April 17, 2012 inclusive (the “Class Period”).
The investigation concerns whether Genworth and certain of its officers and/or directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, in connection with statements regarding the Company’s ability to follow through with an initial public offering (IPO) of its Australian business unit in the second quarter of 2012, and related statements regarding the supposed stability and prospects of the Company’s Australian mortgage insurance business.
On April 17, 2012, Genworth announced that it would delay the IPO. Earlier today, almost two years after stating that the Company had postponed its IPO, the Company announced new plans to follow through with it. Upon news of the 2012 postponement of the IPO, Genworth’s stock price dropped almost 24 percent, erasing $900 million from the Company’s market value.
What You May Do
If you have information that would assist the Firm in its investigation or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail us at firstname.lastname@example.org or call us at (484) 580-8736. The Firm also encourages anyone with information regarding Genworth’s alleged conduct during the period to contact the Firm, including former employees, shareholders, and others.
About Goldman Scarlato Karon & Penny, P.C.
The Firm prosecutes securities fraud, consumer fraud, price-fixing, employment class actions, and shareholder-derivative actions throughout the U.S. The Firm’s lawyers have recovered hundreds of millions of dollars on behalf of consumers, investors, and businesses.
To learn more about the Firm, please visit our website, www.gskplaw.com.