LOS ANGELES--(BUSINESS WIRE)--
Glancy Binkow & Goldberg LLP reminds investors of Genworth Financial, Inc. (“Genworth” or the “Company”) (GNW) that all purchasers of Genworth securities between February 3, 2012 and April 17, 2012, inclusive (the “Class Period”), have until June 3, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.
Genworth is a financial services company and provides insurance, including life insurance, long-term care insurance and fixed annuity products, and investment and financial solutions in the United States and internationally. The Complaint alleges that throughout the Class Period defendants issued false and misleading statements or failed to disclose that:
- The Company was not adequately accounting for its loss reserves related to its Australian mortgage insurance unit, in violation of Generally Accepted Accounting Principles.
- Genworth had far greater exposure to anticipated losses and defaults than it had previously disclosed for its Australian book of business related to insurance written in the Queensland coastal area and insurance written in 2007 and 2008 to small business and self-employed borrowers.
- The Company failed to disclose known trends and uncertainties concerning an increase in claims and delinquencies associated with its Australian unit in the second half of 2011.
The Complaint further alleges that defendants lacked a reasonable basis for their positive statements about the Company and its outlook, including statements about the stability and outlook of the Company's Australian mortgage insurance unit or the Company's ability to complete an initial public offering of its Australian business unit in the second quarter of 2012.
If you are a member of the Class described above, you may move the Court no later than June 3, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
- Company Legal & Law Matters