NEW YORK, Feb. 15, 2017 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Eastern District of Virginia, case no. 3:17-cv-00059, on behalf of shareholders of Genworth Financial Inc. ("Genworth" or the "Company") (NYSE: GNW) who held Genworth securities and have been harmed by Genworth's and its board of directors' (the "Board") alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") in connection with the proposed sale of the Company to China Oceanwide Holdings Group Co., Ltd ("China Oceanwide").
On October 23, 2016, the Company announced it had entered into an Agreement and Plan of Merger ("Merger Agreement") under which Merger Sub, a newly formed subsidiary of the acquirer, will merge with and into Genworth, with Genworth continuing on as the surviving corporation (the "Proposed Transaction").
If you wish to obtain information concerning this action or view a copy of the complaint, you can do so by clicking here: www.faruqilaw.com/GNWnotice.
Pursuant to the terms of the Merger Agreement, which was unanimously approved by the Board, Genworth shareholders will receive $5.43 in cash per share for each share of Genworth they own. The offer is represents only a 4.2% premium to the Company's closing price of $5.21 on October 21, 2016, the last trading day before the Proposed Transaction was announced.
The complaint alleges that the proxy statement (the "Proxy") filed with the Securities and Exchange Commission ("SEC") on January 25, 2017 provides materially incomplete and misleading information about the Company and the Proposed Transaction, in violation of Sections 14(a) and 20(a) of the Exchange Act. The Proxy fails to provide Genworth's shareholders with material information concerning the financial and procedural fairness of the Proposed Transaction.
Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud. Faruqi & Faruqi, LLP, was founded in 1995 and the firm maintains its principal office in New York City, with offices in Delaware, California, and Pennsylvania.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Nadeem Faruqi, Esq.
James M. Wilson, Jr., Esq.
FARUQI & FARUQI, LLP
685 3rd Avenue, 26th Floor
New York, NY 10017
Tel.: (212) 983-9330
Fax: (212) 983-9331
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SOURCE Faruqi & Faruqi, LLP