On or around 07/06/2018 (Other)
Filing Date: January 23, 2017
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 February 21, 2017, the Court issued an Order consolidating cases.
On August 25, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel.
On April 4, 2018, the Parties entered into a Stipulation of Settlement. The Court issued an Order preliminarily approving the Settlement on April 24.
Company & Securities Information
Defendant: Genworth Financial Incorporated
Industry: Insurance (Life)
Headquarters: United States
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.
First Identified Complaint
Alexander Rice, et al. v. Genworth Financial Incorporated, et al.