SHAREHOLDER ALERT FOR GENWORTH INVESTORS: The Law Office of James C. Kelly Announces Investigation on Behalf of Investors in Genworth Financial Inc.
NEW YORK, Aug. 8, 2014 /PRNewswire/ -- The Law Office of James C. Kelly is investigating potential claims on behalf of investors who purchased shares of Genworth Financial Inc. common stock (NYSE: GNW) during the period between October 29, 2013 and July 29, 2014, concerning possible violations of federal securities laws. Such investors are advised to contact James C. Kelly at 888.643.7517 or [email protected].
On December 4, 2013, the Company's Chief Executive Officer, Thomas McInerney represented that Genworth had "adequate long-term care reserves" as it has "refined and improved our reserving, underwriting and risk management processes based on analyzing and using our significant data on consumers underwriting and claims."
Contradicting its past representations, on July 29, 2014, Genworth disclosed that it was currently "conducting a comprehensive review of the adequacy of its claims reserves" related to its Long Term Care Insurance division. On July 31, 2014, the Company disclosed that "the last in-depth review of the claims reserve" was conducted in 2012. According to an analyst at Morgan Stanley, he "found it curious how Genworth could avoid large charges while most of its peers had suffered large hits against their exposures" to long-term care.
On this news, Genworth common stock declined $2.28 per share or more than 14%, to close at $13.98 per share on July 30, 2014.
The Law Office of James C. Kelly has extensive experience representing shareholders in securities class actions. Visit our website for additional information at http://www.jckellylaw.com
The Law Office of James C. Kelly
244 5th Avenue, Suite K-278
New York, New York 10001
Tel: 212-920-5042
Toll Free Tel: 888-643-7517
Toll Free Fax: 888-224-2078
Email: mailto:[email protected]
Website: http://www.jckellylaw.com
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SOURCE The Law Office of James C. Kelly
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