Shareholders Foundation, Inc.

Attention: Genworth Financial Inc (NYSE:GNW) Investor Lawsuit Alleges Misleading Statements

A lawsuit was filed on behalf of investors in Genworth Financial Inc (NYSE:GNW) shares over alleged securities laws violations. Deadline: June 3, 2014. NYSE:GNW investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
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San Diego, CA -- (SBWIRE) -- 05/14/2014 -- An investor, who purchased shares of Genworth Financial Inc (NYSE:GNW), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Genworth Financial Inc in connection with certain allegedly false and misleading statements made between February 3, 2012 and April 17, 2012

Investors who purchased shares of Genworth Financial Inc (NYSE:GNW) have certain options and for certain investors are short and strict deadlines running. Deadline: June 3, 2014. NYSE:GNW investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Genworth Financial Inc (NYSE:GNW) between February 3, 2012 and April 17, 2012 that Genworth Financial Inc and certain of its officers and directors violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that between February 3, 2012 and April 17, 2012, defendants disseminated allegedly false and misleading statements to the investing public, including about the stability and outlook of the Company’s Australian mortgage insurance unit or the Company’s ability to complete an initial public offering (“IPO”) of its Australian business unit in the second quarter of 2012 and that as a result of defendants’ statements, Genworth Financial Inc’s (NYSE:GNW) stock traded at allegedly artificially inflated prices between February 3, 2012 and April 17, 2012, trading as a high of $9.54 per share on February 21, 2012.

On November 3, 2011 Genworth Financial Inc announces its third quarter 2011 results. Genworth Financial Inc also announced plans to pursue a minority share IPO of its Australian mortgage insurance business. Genworth Financial Inc planned to sell up to 40% of its $2 billion Australian unit and intended to use part of the proceeds to repurchase shares of the Company’s stock.

The plaintiff claims that between February 3, 2012 and April 17, 2012 defendants assured investors that the IPO remained on track to close in the second quarter of 2012.

Shares of Genworth Financial Inc (NYSE:GNW) grew from $5.39 per share in November 2011 to as high as $9.15 per share in March 2012.

Then on April 17, 2012, Genworth Financial Inc announced a new timeframe for completing its planned minority initial public offering of up to 40 percent of its Australian mortgage insurance business. Genworth Financial Inc said that it is now seeking to complete the IPO in early 2013, subject to market conditions, valuation considerations including business performance, and regulatory approvals.

Shares of Genworth Financial Inc (NYSE:GNW) declined from over $9 per share in March 2012 to as low as $4.88 per share in May 2012, respectively $4.32 per share in August 2012.

Plaintiff seeks to recover damages on behalf of all purchasers of Genworth Financial Inc (NYSE:GNW) securities between February 3, 2012 and April 17, 2012.

Genworth Financial Inc reported that its annual Total Revenue declined from over $10.08 billion in 2010 to over $9.42 billion in 2013 while its respective Net Income increased from $52 million to $560 million.

On May 12, 2014, NYSE:GNW shares closed at $18.60 per share.

Those who purchased shares of Genworth Financial Inc (NYSE:GNW) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com