CORRECTING and REPLACING Kirby McInerney LLP Announces That It Has Filed a Class Action Lawsuit Against Genworth Financial, Inc.
NEW YORK--(BUSINESS WIRE)--First paragraph, second sentence of release dated August 19, 2014 should read: Pursuant to applicable law, investors have until October 20, 2014 to file a motion to be appointed as lead plaintiff in the investor lawsuit (instead of until November 17, 2014).
The corrected release reads:
KIRBY MCINERNEY LLP ANNOUNCES THAT IT HAS FILED A CLASS ACTION LAWSUIT AGAINST GENWORTH FINANCIAL, INC.
Kirby McInerney LLP announced today that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of investors who acquired Genworth Financial, Inc. (“Genworth” or the “Company”) (NYSE: GNW) securities during the period from December 4, 2013 through July 29, 2014 (the “class period”). Pursuant to applicable law, investors have until October 20, 2014 to file a motion to be appointed as lead plaintiff in the investor lawsuit.
The lawsuit charges that throughout the class period, the Company failed to disclose: (1) that the Company’s long term care insurance (“LTC”) claims were increasing in number and size; (2) that the Company would have to increase its reserves to meet these claims; and (3) that, as a result of the foregoing, the Company’s statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
On July 29, 2014, after the market close, the Company issued a press release announcing that its LTC insurance division suffered from higher losses than the prior quarter due to the increased number and size of LTC insurance claims. The Company announced that it was conducting a comprehensive review of the adequacy of its claim reserves. On this news, shares of Genworth declined $2.28 per share, over 14%, to close on July 30, 2014, at $13.98 per share, on unusually heavy volume.
If you acquired Genworth securities during this period and you are interested in learning more about this matter and any rights you might have with respect to these claims, contact Meghan Summers at firstname.lastname@example.org, by telephone at (212) 371-6600, or by filling out this form. Please bear in mind that some of these rights may be time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades. Kirby McInerney LLP has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against Genworth can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.