NEW YORK--(BUSINESS WIRE)--
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 November 17, 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
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.
Kirby McInerney LLP
Meghan Summers, 212-371-6600
Source: Kirby McInerney LLP