January 13 Deadline Alert: Law Offices of Howard G. Smith Reminds Centene Corp. Investors of Upcoming Lead Plaintiff Deadline...
12 January 2017 - 8:07AM
Business Wire
Law Offices of Howard G. Smith reminds investors of the
upcoming January 13, 2017 deadline to file a lead
plaintiff motion in the class action filed on behalf 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 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.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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