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Case Status:    SETTLED
On or around 06/23/2020 (Date of last review)

Filing Date: November 14, 2016

According to the law firm press release, on March 24, 2016, the Company completed the acquisition of Health Net, Inc. (“Health Net”) for approximately $6 billion, including the assumption of debt. The acquisition was accounted for as a business combination, which requires that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date.

The complaint filed in this action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements concerning the recent acquisition of Health Net as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects, including the underperformance of Health Net legacy insurance programs and the need to increase reserves to offset losses caused by these programs. The complaint further alleges that Defendants failed to inform investors (1) that certain Health Net insurance programs were significantly underperforming; (2) that Health Net’s insurance plans were generating material losses; (3) that Centene had overstated Health Net’s financial prospects; and (4) that, as a result of the foregoing, Defendants’ statements about Centene’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

This case was transferred to the Eastern District of Missouri on March 1, 2017. Plaintiffs filed an amended Complaint on July 17. On September 15, Defendants filed a Motion to Dismiss the amended Complaint. On August 30, 2019, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On March 5, 2020, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on June 23.


Sector: Financial
Industry: Insurance (Accident & Health)
Headquarters: United States


Ticker Symbol: CNC
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: C.D. California
DOCKET #: 16-CV-08469
JUDGE: Hon. Andre Birotte Jr
DATE FILED: 11/14/2016
CLASS PERIOD END: 09/06/2016
  1. Glancy Prongay & Murray LLP
No Document Title Filing Date
COURT: E.D. Missouri
DOCKET #: 17-CV-00806
JUDGE: Hon. Andre Birotte Jr
DATE FILED: 07/17/2017
CLASS PERIOD END: 07/25/2016
  1. Bernstein Litowitz Berger & Grossmann LLP (San Diego)
  2. Cuneo Gilbert & LaDuca, LLP (Clayton)
No Document Title Filing Date
—Related District Court Filings Data is not available