SOURCE: Shalov Stone Bonner & Rocco LLP

Shalov Stone Bonner & Rocco LLP

August 07, 2009 15:17 ET

Shalov Stone Bonner & Rocco LLP Announces Class Action Against Conseco Inc.

NEW YORK, NY--(Marketwire - August 7, 2009) - Shalov Stone Bonner & Rocco LLP announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of Conseco Inc. ("Conseco" or the "Company") (NYSE: CNO) between August 4, 2005 and March 17, 2008, inclusive (the "Class Period"). The lawsuit is pending in the United States District Court for the Southern District of New York against Conseco and certain of its officers and directors.

The complaint alleges that, throughout the Class Period, misrepresented or failed to disclose: (1) that the revenue figures reported by the Company were materially inaccurate; (2) that Conseco's reported financial results were materially misstated and did not present the Company's true operating performance; (3) that Conseco was 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's 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 financial results 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. On this news, the price of Conseco's stock fell 12.9%.

Shalov Stone Bonner & Rocco LLP has extensive experience in the prosecution of lawsuits on behalf of investors. For more information about the firm, please visit its website at: www.lawssb.com

If you purchased Conseco stock and would like additional information about your rights, please contact investor rights attorney Amanda C. Scuder, at Shalov Stone Bonner & Rocco LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; email: ascuder@lawssb.com).

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