STEVENSON, Md., April 23, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of 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 Genworth Financial, Inc. ("Genworth" or the "Company") (NYSE: GNW ) securities during the period between February 3, 2012 and April 17, 2012, inclusive (the "Class Period").
If you have suffered a loss from investment in Genworth securities purchased on or after February 3, 2012 and held through the revelation of negative information on April 17, 2012, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or financial obligation, click here: http://www.browerpiven.com/securitiesfraudcases.html .
You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Attorneys at Brower Piven together have more than a century of experience litigating securities and other class action cases.
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 June 3, 2014 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 Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period accurate information about the stability and outlook of the Company's Australian mortgage insurance unit and the Company's ability to complete an initial public offering ("IPO") of its Australian business unit in the second quarter of 2012. According to the complaint, following the Company's April 17, 2012 announcement that it planned to complete the IPO in early 2013, subject to market conditions, valuation considerations including business performance, and regulatory approvals, the value of Genworth shares declined significantly.
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.
Brower Piven, A Professional Corporation 1925 Old Valley Road, Stevenson, Maryland Charles J. Piven 410-415-6616
