Law
Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the Southern District
of New York on behalf of purchasers of the securities of Genworth
Financial Inc. (“Genworth” or the “Company”) (NYSE:GNW) between December
4, 2013 and July 29, 2014, inclusive (the “Class Period”).
Genworth is a financial services company, and provides insurance,
investment and financial solutions in the United States and
internationally. The Complaint alleges that defendants issued false and
misleading statements or failed to disclose material information
concerning the Company’s business, operations and prospects.
Specifically, defendants misrepresented and/or failed to disclose that
the volume and size of the Company's long term care insurance claims
were increasing, and that the Company would have to increase its
reserves to meet these claims.
On July 29, 2014, the Company announced that its long term care
insurance division suffered higher losses than in the prior quarter, as
a result of increased long term care insurance claims. The Company
further announced that it was reviewing the adequacy of its claim
reserves. Following this news, on July 30, 2014, the price of Genworth
shares declined approximately 14%, or $2.28, to a $13.98 per-share
closing price, on unusually heavy volume.
If you are a member of the Class described above, you have until October
20, 2014, to move the Court to serve as lead plaintiff, if you meet
certain legal requirements. To be a member of the Class you need not
take any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you wish to
learn more about this action, or if you have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by
email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
Copyright Business Wire 2014