According to the complaint filed on April 04, 2014, the suit was filed on behalf of all persons who purchased the securities of Genworth between February 3, 2012 and April 17, 2012, inclusive (the "Class Period"), against Genworth and certain of its current and former officers and/or directors for violations of the Securities Exchange Act of 1934 (the"1934 Act"). These claims are asserted against Genworth and certain of its officers and/or directors who made materially false and misleading statements during the Class Period in press releases, analyst conference calls, and filings with the SEC.
Genworth is a financial security company. The Company provides insurance, wealth management, investment and financial solutions.
Throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public. As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period, trading as a high of $9.54 per share on February 21, 2012.
On this news, the Company's stock price dropped $1.83 per share on April 18, 2012, to close at $5.87 per share, a one-day decline of nearly 24% on volume of 75.3 million shares.
As a result of defendants' false and misleading statements, Genworth common stock traded at artificially inflated prices during the Class Period. However, after the above-alleged revelations of the true but undisclosed facts seeped into the market, the Company's common stock experienced exorbitant selling pressure, sending its price down nearly 39% from its Class Period high.
On July 25, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead plaintiffs filed an amended complaint on October 3.
On June 16, 2015, the Court issued an Order denying Defendants' motion to dismiss.