Genworth Financial Inc (NYSE: GNW) Investor Securities Class Action Lawsuit 04/04/2014

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Company Name(s): 
Genworth Financial
Case Name: 
Genworth Financial Shareholder Class Action Lawsuit 04/04/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: GNW
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/04/2014
Class Period Begin: 
11/03/2011
Class Period End: 
04/17/2012
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
06/03/2014
Date Settled: 
07/31/2017
Settlement Amount: 
$20,000,000
Deadline to Participate in Settlement: 
11/22/2017
Summary: 

July 31, 2017 - The court preliminarily approved the settlement.

June 21, 2017 - Parties filed a stipulation of settlement.

June 16, 2015 - The court denied defendants' motion to dismiss.

May 8, 2015 - Defendants filed a motion to dismiss.

April 17, 2015 - The lead plaintiffs filed a second amended complaint.

March 25, 2015 - The court denied defendants' motion to dismiss and dismissed the complaint without prejudice.

December 2, 2014 - Defendants filed a motion to dismiss.

October 3, 2014 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased Genworth Financial Inc (NYSE: GNW) common shares between November 3, 2011 and April 17. 2012. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 3, 2011 and April 17. 2012.

July 25, 2014 -The lead plaintiffs and lead counsel were appointed.

June 3, 2014 - Lead plaintiff motions were filed.

April 4, 2014 - An investor in shares of Genworth Financial Inc (NYSE: GNW) filed a lawsuit in the U.S. District Court for the Southern District of New York against Genworth Financial Inc over alleged violations in connection with certain allegedly false and misleading statements made between February 3, 2012 and April 17, 2012.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Genworth Financial Inc (NYSE: GNW) between February 3, 2012 and April 17, 2012 that Genworth Financial Inc and certain of its officers and directors violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that between February 3, 2012 and April 17, 2012, defendants disseminated allegedly false and misleading statements to the investing public, including about the stability and outlook of the Company’s Australian mortgage insurance unit or the Company’s ability to complete an initial public offering (“IPO”) of its Australian business unit in the second quarter of 2012 and that as a result of defendants’ statements, Genworth Financial Inc’s (NYSE: GNW) stock traded at allegedly artificially inflated prices between February 3, 2012 and April 17, 2012, trading as a high of $9.54 per share on February 21, 2012.

On November 3, 2011 Genworth Financial Inc announces its third quarter 2011 results. Genworth Financial Inc also announced plans to pursue a minority share IPO of its Australian mortgage insurance business. Genworth Financial Inc planned to sell up to 40% of its $2 billion Australian unit and intended to use part of the proceeds to repurchase shares of the Company’s stock.

The plaintiff claims that between February 3, 2012 and April 17, 2012 defendants assured investors that the IPO remained on track to close in the second quarter of 2012.

Shares of Genworth Financial Inc (NYSE: GNW) grew from $5.39 per share in November 2011 to as high as $9.15 per share in March 2012.

Then on April 17, 2012, Genworth Financial Inc announced a new timeframe for completing its planned minority initial public offering of up to 40 percent of its Australian mortgage insurance business. Genworth Financial Inc said that it is now seeking to complete the IPO in early 2013, subject to market conditions, valuation considerations including business performance, and regulatory approvals.

Shares of Genworth Financial Inc (NYSE: GNW) declined from over $9 per share in March 2012 to as low as $4.88 per share in May 2012, respectively $4.32 per share in August 2012.

Plaintiff seeks to recover damages on behalf of all purchasers of Genworth Financial Inc (NYSE: GNW) securities between February 3, 2012 and April 17, 2012.

Genworth Financial Inc reported that its annual Total Revenue declined from over $10.08 billion in 2010 to over $9.42 billion in 2013 while its respective Net Income increased from $52 million to $560 million.

On April 4, 2014, Genworth Financial Inc (NYSE: GNW) shares closed at $17.82 per share.