NEW YORK, Aug. 20, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Genworth Financial, Inc. ("Genworth" or the "Company") (NYSE: GNW). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Genworth and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On July 29, 2014, after the market closed, the Company issued a press release announcing that its LTC insurance division suffered from higher losses than the prior quarter due to the increased number and size of LTC insurance claims. The Company announced that it was conducting a comprehensive review of the adequacy of its claim reserves.
On this news, shares of Genworth fell $2.28 per share to $13.98, or more than 14%, in intraday trading on July 30, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP