An investigation on behalf of current long term investors in Genworth Financial Inc (NYSE:GNW shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:GNW stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/31/2015 -- An investigation for investors, who purchased shares of Genworth Financial Inc (NYSE:GNW) in 2012 or earlier and currently hold any of those NYSE:GNW shares, was announced concerning potential wrongdoing by certain directors and officers of Genworth Financial Inc.
Investors, who purchased shares of Genworth Financial Inc (NYSE:GNW) in 2012 or earlier and currently hold any of those NYSE:GNW shares , have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE:GNW stocks follows a lawsuit filed against Genworth Financial Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:GNW stocks, concerns whether certain Genworth Financial officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. the U.S. District Court for the Southern District of New York the plaintiff alleges that Genworth Financial Inc allegedly failed to disclose that Genworth Financial Inc's long term care insurance ("LTC") claims were increasing in number and size, that Genworth Financial Inc would have to increase its reserves to meet these claims, and that, as a result of the foregoing, Genworth Financial Inc'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, Genworth Financial Inc announced that its LTC insurance division suffered from higher losses than the prior quarter due to the increased number and size of LTC insurance claims. Genworth Financial Inc announced that it was conducting a comprehensive review of the adequacy of its claim reserves.
Shares of Genworth Financial Inc declined from over $18 in May 2014 to as low as under $7 in January 2015.
On March 27, 2015, NYSE:GNW shares closed at $7.29 per share.
Those who purchased shares of Genworth Financial Inc (NYSE:GNW) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego