According to the Complaint, on October 23, 2016, Genworth and China Oceanwide announced that they had reached a definitive Agreement and Plan of Merger (“Merger Agreement”) whereby Merger Sub will merge with and into Genworth, with Genworth continuing on as the surviving corporation. Pursuant to the Merger, each issued and outstanding share of Genworth common stock will be cancelled and automatically converted into the right to receive $5.43 in cash (“Merger Consideration”). The Proposed Transaction is valued at approximately $2.7 billion.
The Complaint alleges Defendants violated sections of the Exchange Act, and rules and regulations promulgated by the U.S. Securities and Exchange Commission (“SEC”), by filing a materially incomplete and misleading Schedule 14A Preliminary Proxy Statement with the SEC on December 21, 2016.
On August 25, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel.