BENSALEM, Pa.--(BUSINESS WIRE)--May 8, 2014--
Law Offices of Howard G. Smith reminds investors that all purchasers of
the securities of
Genworth is a financial services company and provides insurance, including life insurance, long-term care insurance and fixed annuity products, and investment and financial solutions in the United States and internationally. The Complaint alleges that throughout the Class Period defendants issued false and misleading statements or failed to disclose that:
- The Company was not adequately accounting for its loss reserves related to its Australian mortgage insurance unit, in violation of Generally Accepted Accounting Principles.
- Genworth had far greater exposure to anticipated losses and defaults than it had previously disclosed for its Australian book of business related to insurance written in the Queensland coastal area and insurance written in 2007 and 2008 to small business and self-employed borrowers.
- The Company failed to disclose known trends and uncertainties concerning an increase in claims and delinquencies associated with its Australian unit in the second half of 2011.
If you purchased Genworth securities during the Class Period, you may move the Court no later than June 3, 2014, 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, 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 email@example.com, or visit our website at http://www.howardsmithlaw.com.
Source: Law Offices of Howard G. Smith