SOURCE: Bernstein Litowitz Berger & Grossmann LLP

October 06, 2014 18:57 ET

Bernstein Litowitz Berger & Grossmann LLP Announces Securities Class Action Suit Filed Against Genworth Financial, Inc. and Certain of Its Senior Executives

NEW YORK, NY--(Marketwired - Oct 6, 2014) - Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced that it has filed a securities class action lawsuit on behalf of City of Pontiac General Employees' Retirement System ("Pontiac General") against Genworth Financial, Inc. ("Genworth" or the "Company") (NYSE: GNW) and certain of its senior executives. The action, which is captioned City of Pontiac General Employees' Retirement System v. Genworth Financial, Inc., 14-cv-682 (E.D. Va.) (the "Pontiac General Action"), asserts claims under the Securities Exchange Act of 1934 on behalf of investors in Genworth securities during the period of December 4, 2013 to July 29, 2014, inclusive (the "Class Period").

The Complaint alleges that during the Class Period, Genworth misrepresented or concealed the adequacy of the Company's reserves for its long-term care insurance ("LTC") division, the sustainability of Genworth's margins for its LTC business, as well as the Company's ability to successfully manage its LTC business. When the truth regarding the Company's LTC business was revealed, the price of Genworth stock declined from $16.26 per share to $13.98 per share, or approximately 14%, on heavy trading volume.

If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than 60 days from the date that notice of pendency of an action asserting substantially the same claims as the Pontiac General Action was published. On August 19, 2014, counsel for plaintiff Manuel Esguerra published notice of the pendency of an action asserting substantially the same claims as the Pontiac General Action. Esguerra v. Genworth Fin., Inc., No. 14-cv-06639 (S.D.N.Y. filed Aug. 19, 2014). Accordingly, the deadline for filing a motion for appointment as Lead Plaintiff is October 20, 2014. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

If you wish to discuss this Action or have any questions concerning this notice or your rights or interests, please contact Avi Josefson of BLB&G at 212-554-1493, or via e-mail at avi@blbglaw.com.

Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination, and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at www.blbglaw.com.

Contact Information

  • CONTACT:
    Avi Josefson
    Bernstein Litowitz Berger & Grossmann LLP
    1285 Avenue of Americas, 38th Floor
    New York, New York 10019
    Telephone: (212) 554-1493