SOURCE: Izard Nobel LLP

August 07, 2009 13:59 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Conseco, Inc.

WEST HARTFORD, CT--(Marketwire - August 7, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased the common stock of Conseco, Inc. ("Conseco" or the "Company") (NYSE: CNO) between August 4, 2005 to March 17, 2008 (the "Class Period").

The Complaint charges that defendants violated federal securities laws. Specifically, defendants misrepresented and/or failed to disclose the following: (i) that Conseco was reporting materially inaccurate revenue figures; (ii) that the Company's reported financial results were materially misstated and did not present Conseco's true operating performance; (iii) that the Company's shareholders' equity was materially overstated during the Class Period, including the overstatement of shareholders' equity by $20.6 million at December 31, 2006; and (iv) as a result, defendants lacked a reasonable basis for their positive statements about the Company, its corporate governance practices and earnings growth.

On March 17, 2008, Conseco 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 restate 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.

If you are a member of the class, you may, no later than October 5, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/conseco/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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