NEW YORK, Aug. 20, 2014 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Genworth Financial, Inc. ("Genworth" or the "Company") (NYSE: GNW), during the period between December 4, 2013 and July 29, 2014, inclusive (the "Class Period").
The complaint charges Genworth and certain of its executives with violations of federal securities laws. Specifically, the complaint alleges that: (i) that the Company's long term care insurance ("LTC") claims were increasing in number and size; (ii) that the Company would have to increase its reserves to meet these claims; and (iii) that, as a result of the foregoing, the Company'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 announced that its LTC division suffered greater losses than the previous quarter due to higher and greater LTC claims and it was reviewing the adequacy of its claims reserves.
On this news, shares of Genworth fell $2.28 or over 14% to trade at $13.98 on July 30, 2014.
Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of Genworth during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. November 17, 2014 is the deadline for investors to seek a lead plaintiff appointment. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
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