{"id":5949,"date":"2016-03-14T00:00:00","date_gmt":"2016-03-14T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/03\/glenworth_financial_settles_cl"},"modified":"2016-03-14T00:00:00","modified_gmt":"2016-03-14T05:00:00","slug":"glenworth-financial-settles-cl","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/glenworth-financial-settles-cl\/","title":{"rendered":"Genworth Financial Settles Class Action Securities Lawsuit for $219M"},"content":{"rendered":"<p>Long-term-care insurance company Genworth has reached a $219M settlement with plaintiffs of a <a href=\"https:\/\/www.securities-fraud-attorneys.com\">class action securities case<\/a> claiming misrepresentations related to its business. The complaint alleges securities law violations by the insurer, its chief executive Tim McInerney, and ex-CFO Marty Klein, including misrepresentations of its core business\u2019s profitability and the reporting of financial results that understated the needed reserves.<\/p>\n<p>The inaccurate disclosures played a part in the significant drop in Genworth share\u2019s price, causing shareholders to sustain damages.  Meantime, Genworth continues to argue that the plaintiffs\u2019 claims have no merit. The company said that it decided to settle to avoid the further cost and burden of continued litigation.<\/p>\n<p>The lead plaintiffs in the case are the Canadian province of Alberta, which purchased over 1.2M Genworth common stock shares during the class period at issue, and the Fresno County Employees&#8217; Retirement Association in California, which purchased nearly 200,000 shares. Genworth started reporting results of a review of its reserves for long-term-care insurance in October 2013. <\/p>\n<p>The reserves are the funds put aside to pay for future benefits that are payable on policies. Shareholders were purportedly told that the reserves were \u201cadequate\u201d and that it included a \u201cmargin for future deterioration.\u201d <\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/glenworth-financial-settles-cl\/#more-5949\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Long-term-care insurance company Genworth has reached a $219M settlement with plaintiffs of a class action securities case claiming misrepresentations related to its business. The complaint alleges securities law violations by the insurer, its chief executive Tim McInerney, and ex-CFO Marty Klein, including misrepresentations of its core business\u2019s profitability and the reporting of financial results that [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3804],"tags":[],"class_list":["post-5949","post","type-post","status-publish","format-standard","hentry","category-class-action-lawsuits"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Genworth Financial Settles Class Action Securities Lawsuit for $219M &#8212; Investor Lawyers Blog &#8212; March 14, 2016<\/title>\n<meta name=\"description\" content=\"Long-term-care insurance company Genworth has reached a $219M settlement with plaintiffs of a class action securities case claiming misrepresentations &#8212; March 14, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/glenworth-financial-settles-cl\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Genworth Financial Settles Class Action Securities Lawsuit for $219M &#8212; Investor Lawyers Blog &#8212; March 14, 2016\" \/>\n<meta name=\"twitter:description\" content=\"Long-term-care insurance company Genworth has reached a $219M settlement with plaintiffs of a class action securities case claiming misrepresentations &#8212; March 14, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Genworth Financial Settles Class Action Securities Lawsuit for $219M &#8212; 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