SOURCE: Brower Piven, A Professional Corporation

August 14, 2009 20:00 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Conseco, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the October 5, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - August 14, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Conseco, Inc. ("Conseco" or the "Company") (NYSE: CNO) during the period between August 4, 2005 and March 17, 2008, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 5, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was reporting materially inaccurate revenue figures that did not present the true operating performance of the Company and that the Company's shareholders' equity was materially overstated during the Class Period such that the defendants lacked a reasonable basis for their positive statements during the class period about the Company, its corporate governance practices, its prospects and earnings growth. According to the complaint, on March 17, 2008, after the Company revealed disclosed that it did not maintain effective controls over the accounting and disclosure of insurance policy benefits and the liabilities for insurance products and that it would therefore be restating its financial results for the years ended December 31, 2004 and 2006, along with affected Selected Consolidated Financial Data for 2003 and 2004, and quarterly financial information for 2006 and the first three quarters of 2007, the value of Conseco's stock declined.

If you have suffered a net loss for all transactions in Conseco, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact