SOURCE: Bronstein, Gewirtz & Grossman, LLC

August 17, 2009 18:50 ET

Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Conseco Inc.

NEW YORK, NY--(Marketwire - August 17, 2009) - Bronstein, Gewirtz & Grossman, LLC announces that a class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased or otherwise acquired stock of Conseco Inc. ("Conseco" or the "Company") (NYSE: CNO) during the period from August 4, 2005 through and including March 17, 2008 (the "Class Period").

The Complaint charges that defendant violated federal securities laws. Throughout the Class Period defendant failed to disclose: (1) that the revenue figures reported by the Company were materially inaccurate; (2) that Conseco reported financial results were materially misstated and did not present the Company's true operating performance; (3) that Conseco without the internal controls necessary to properly report its revenues and earnings; (4) that Conseco's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (5) that Conseco shareholders' equity was materially overstated during the Class Period; and (6) as a result of the above, defendants lacked a reasonable basis for their positive statements about Conseco, its corporate governance practices, its prospects and earnings growth.

On March 17, 2008, Conseco announced that it would be restating its financials for the years ended December 31, 2004 and 2006, as well as affected Selected Consolidated Financial Data for 2003 and 2004, and quarterly financial information for 2006 and the first three quarters of 2007. The price of Conseco's Stock dropped 12.9% on this news.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. October 5, 2009 is the deadline for investors to seek a lead plaintiff appointment.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate work, private securities offerings, and securities arbitration.

Contact Information

  • Contact:
    Peretz Bronstein
    Eitan Kimelman
    Bronstein, Gewirtz & Grossman, LLC
    212-697-6484
    Email Contact