Bernstein litowitz berger & grossmann llp announces securities class action suit against genworth financial, inc. and certain of its senior executives, and upcoming deadline to seek lead plaintiff status

New york--(business wire)--on october 6, 2014, bernstein litowitz berger & grossmann llp (“blb&g”) filed a securities class action lawsuit on behalf of its client city of pontiac general employees’ retirement system against genworth financial, inc. (“genworth” or the “company”) (nyse:gnw) and certain of its senior executives. the action, which is captioned city of pontiac general employees’ retirement system v. genworth financial, inc., 14-cv-682 (e.d. va.), asserts claims under the securities exchange act of 1934 on behalf of investors in genworth securities during the period of december 4, 2013 to july 29, 2014, inclusive (the “class period”). any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class. if you wish to serve as lead plaintiff for the class, you must file a motion with the court in the eastern district of virginia no later than october 20, 2014. the complaint alleges that during the class period, genworth misrepresented or concealed the adequacy of the company’s reserves for its long-term care insurance (“ltc”) division, the sustainability of genworth’s margins for its ltc business, as well as the company’s ability to successfully manage its ltc business. when the truth regarding the company’s ltc business was revealed, the price of genworth stock declined from $16.26 per share to $13.98 per share, or approximately 14%, on heavy trading volume. if you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact avi josefson of blb&g at 212-554-1493, or via e-mail at avi@blbglaw.com. since its founding in 1983, blb&g has built an international reputation for excellence and integrity. specializing in securities fraud, corporate governance, shareholders’ rights, employment discrimination, and civil rights litigation, among other practice areas, blb&g prosecutes class and private actions on behalf of institutional and individual clients worldwide. unique among its peers, blb&g has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. more information about blb&g can be found online at www.blbglaw.com.
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