Investor alert: class action lawsuit against genworth financial inc. announced by law offices of howard g. smith

Bensalem, pa.--(business wire)--law offices of howard g. smith announces that a class action lawsuit has been filed in the united states district court for the southern district of new york on behalf of purchasers of the securities of genworth financial inc. (“genworth” or the “company”) (nyse:gnw) between december 4, 2013 and july 29, 2014, inclusive (the “class period”). genworth is a financial services company, and provides insurance, investment and financial solutions in the united states and internationally. the complaint alleges that defendants issued false and misleading statements or failed to disclose material information concerning the company’s business, operations and prospects. specifically, defendants misrepresented and/or failed to disclose that the volume and size of the company's long term care insurance claims were increasing, and that the company would have to increase its reserves to meet these claims. on july 29, 2014, the company announced that its long term care insurance division suffered higher losses than in the prior quarter, as a result of increased long term care insurance claims. the company further announced that it was reviewing the adequacy of its claim reserves. following this news, on july 30, 2014, the price of genworth shares declined approximately 14%, or $2.28, to a $13.98 per-share closing price, on unusually heavy volume. if you are a member of the class described above, you have until october 20, 2014, to move the court to serve as lead plaintiff, if you meet certain legal requirements. to be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class. if you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact howard g. smith, esquire, of law offices of howard g. smith, 3070 bristol pike, suite 112, bensalem, pennsylvania 19020 by telephone at (215) 638-4847, toll free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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