LOS ANGELES--(BUSINESS WIRE)--The Wagner Firm announces that it is investigating potential claims on behalf of investors of Centene Corp. (“Centene” or the “Company”) (NYSE: CNC) concerning the Company and its officers’ possible violations of federal securities laws. Injured investors are encouraged to contact The Wagner Firm to discuss their legal rights, and a potential class action lawsuit to recover investors’ losses.
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 shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Avi Wagner, Esquire, of The Wagner Firm, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 491-7949, by e-mail at firstname.lastname@example.org.
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