GPM Reminds Investors of the January 13 Deadline in the Class Action Lawsuit Against Centene Corp.
11 January 2017 - 5:16AM
Business Wire
Investors are encouraged to contact Lesley Portnoy, Esquire to
discuss their legal rights.
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the
January 13, 2017 deadline to file a lead plaintiff motion in
the class action filed on behalf of a class (the “Class”) of
investors who purchased Centene Corp. (“Centene” or the “Company”)
(NYSE: CNC) securities between April 26, 2016, and September 6,
2016, inclusive (the “Class Period”). Centene investors have
until January 13, 2017 to file a lead plaintiff motion.
On March 24, 2016, the Company completed the acquisition of
Health Net, Inc. (“Health Net”) for approximately $6 billion,
including the assumption of debt. The acquisition was accounted for
as a business combination, which requires that assets acquired and
liabilities assumed be recognized at their fair values as of the
acquisition date.
The complaint filed in this action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements concerning the recent acquisition of Health Net as well
as failed to disclose material adverse facts about the Company’s
business, operations, and prospects including the underperformance
of Health Net legacy insurance programs and the need to increase
reserves to offset losses caused by these programs. The complaint
further alleges that Defendants failed to inform investors (1) that
certain Health Net insurance programs were significantly
underperforming; (2) that Health Net’s insurance plans were
generating material losses; (3) that Centene had overstated Health
Net’s financial prospects; and, (4) that, as a result of the
foregoing, Defendants’ statements about Centene’s business,
operations, and prospects, were false and misleading and/or lacked
a reasonable basis.
If you purchased Centene shares, you may move the Court no later
than January 13, 2017 to request appointment as
lead plaintiff. 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 Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20170110006170/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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