A lawsuit was filed on behalf of investors in Centene Corp (NYSE:CNC) shares over alleged securities laws violations. Deadline: January 13, 2017. NYSE:CNC investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/28/2016 -- The Shareholders Foundation announced that an investor, who purchased shares of Centene Corp (NYSE:CNC), filed a lawsuit in of California over alleged violations of Federal Securities Laws by Centene Corp in connection with certain allegedly false and misleading statements made between April 26, 2016 and September 6, 2016.
Investors who purchased shares of Centene Corp (NYSE:CNC) have certain options and for certain investors are short and strict deadlines running. Deadline: January 13, 2017. NYSE:CNC investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff alleges on behalf of purchasers of Centene Corp (NYSE:CNC) common shares between April 26, 2016 and September 6, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 26, 2016 and September 6, 2016 the defendants failed to inform investors that certain Health Net insurance programs were significantly underperforming, that Health Net's insurance plans were generating material losses, that Centene Corp had overstated Health Net's financial prospects, and that, as a result of the foregoing, defendants' statements about Centene Corp's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On March 24, 2016, Centene Corp announced the acquisition of Health Net, Inc. ("Health Net"), a health care insurance provider.
On July 26, 2016, Centene Corp announced that, "we did increase reserves for medical claims primarily associated with disputed substance abuse treatment center costs. Additionally, we recorded premium deficiency reserves primarily associated with Arizona and the California individual PPO business."
Shares of Centene Corp (NYSE:CNC) declined from $75.39 per share in July 2016 to as low as $50.00 per share on November 9, 2016.
Those who purchased shares of Centene Corp have certain options and should contact the Shareholders Foundation.
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