BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation 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.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.