By a News Reporter-Staff News Editor at Investment Weekly News -- 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.
Keywords for this news article include: Industry, Legal Issues, Tripp Levy Pllc, Banking and Finance, Financial Companies, Genworth Financial Inc., Life Insurance Companies, Financial Service Companies.
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