Case Page

 

Case Status:    SETTLED
On or around 06/08/2016 (Ongoing date of last review)

Filing Date: August 19, 2014

According to the law firm press release, Genworth is a financial services company, and provides insurance, investment and financial solutions in the United States and internationally. The Complaint alleges that defendants issued false and misleading statements or failed to disclose material information concerning the Company’s business, operations and prospects. Specifically, defendants misrepresented and/or failed to disclose that the volume and size of the Company's long term care insurance claims were increasing, and that the Company would have to increase its reserves to meet these claims.

On July 29, 2014, the Company announced that its long term care insurance division suffered higher losses than in the prior quarter, as a result of increased long term care insurance claims. The Company further announced that it was reviewing the adequacy of its claim reserves. Following this news, on July 30, 2014, the price of Genworth shares declined approximately 14%, or $2.28, to a $13.98 per-share closing price, on unusually heavy volume.

On October 14, 2014, this case was voluntarily dismissed in favor of a pending lawsuit docketed under 14-cv-00682 in the Eastern District of Virginia.

On May 1, 2015, the court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On April 1, 2016, the parties filed a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on April 18.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Life)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GNW
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Virginia
DOCKET #: 14-CV-06639
JUDGE: Hon. Richard J. Sullivan
DATE FILED: 08/19/2014
CLASS PERIOD START: 12/04/2013
CLASS PERIOD END: 07/29/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kirby McInerney LLP (New York)
    825 Third Avenue, Kirby McInerney LLP (New York), NY 10022
    212.371.6600 212.371.6600 ·
  2. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
No Document Title Filing Date
COURT: E.D. Virginia
DOCKET #: 14-CV-00682
JUDGE: Hon. Richard J. Sullivan
DATE FILED: 12/22/2014
CLASS PERIOD START: 10/30/2013
CLASS PERIOD END: 11/05/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (San Diego)
    12481 High Bluff Drive, Suite 300, Bernstein Litowitz Berger & Grossmann LLP (San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  2. Bleichmar Fonti Tountas & Auld LLP
    7 Times Square, 27th Floor, Bleichmar Fonti Tountas & Auld LLP, NY 10036
    212-789-1340 212-205-3960 ·
  3. Law Offices of Susan R. Podolsky
    1800 Diagonal Road, Suite 600, Law Offices of Susan R. Podolsky, VA 22314
    571.366.1702 703.647.6009 ·
No Document Title Filing Date