Genworth Investor Alert: National Securities Law Firm Investigates Potential Claims on Behalf of Genworth Financial Inc. Shareholders
August 8, 2014
New York, New York
Tripp Levy PLLC, a leading national securities law firm, is investigating potential claims on behalf of investors who purchased shares of Genworth Financial Inc. common stock (NYSE: GNW) (“Genworth”) during the period between October 29, 2013 and July 29, 2014 (“Class Period”) concerning possible violations of federal securities laws.
On December 4, 2013, the Company’s Chief Executive Officer, Thomas McInerney represented that Genworth had “adequate long-term care reserves” as it has “refined and improved our reserving, underwriting and risk management processes based on analyzing and using our significant data on consumers underwriting and claims.”
Contradicting its past representations, on July 29, 2014, Genworth disclosed that it was currently “conducting a comprehensive review of the adequacy of its claims reserves” related to its Long Term Care Insurance division. On July 31, 2014, the Company disclosed that “the last in-depth review of the claims reserve” was conducted in 2012.
On this news, Genworth common stock declined $2.28 per share or more than 14%, to close at $13.98 per share on July 30, 2014.
If you are a shareholder of Genworth and purchased your shares during the Class Period and suffered a loss on your investment, and would like additional information, please contact us toll free at 1-800-511-7037 or contact us via our website.
Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders in similar actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.