LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Centene Corp. (“Centene” or the “Company”) (NYSE: CNC) investors concerning the Company and its officers’ possible violations of federal securities laws.
On March 24, 2016, Centene issued a press release announcing the acquisition of Health Net, Inc. (“Health Net”) a health care insurance provider. In the months following the acquisition of Health Net, Centene assured investors that there had been no negative developments in the Health Net medical reserves.
However, on July 26, 2016, the Company announced that, “we did increase reserves for medical claims primarily associated with disputed substance abuse treatment center costs. Additionally, we recorded premium deficiency reserves primarily associated with Arizona and the California individual PPO business.”
On this news, Centene shares fell nearly 9%, to close at just $68.87 on July 26, 2016, thereby injuring investors.
If you purchased Centene securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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