Shareholders Foundation, Inc.

Coventry Health Care, Inc. (NYSE: CVH) Former Employee Alert: Lawsuit over Retirement Savings Plan Pending

The lawsuit for certain former and current employees of Coventry Health Care, Inc. (NYSE: CVH) over alleged breaches of fiduciary duty based on violations of ERISA is pending and former employees of Coventry Health Care, Inc. should contact the Shareholders Foundation.

 

San Diego, CA -- (ReleaseWire) -- 07/23/2012 -- The lawsuit on behalf of certain former and current employees of Coventry Health Care, Inc. (NYSE: CVH) and all persons who are participants in or beneficiaries of the Coventry Health Care Inc Retirement Savings Plan between February 9, 2007 and November 2009 concerning alleged violations of the Employee Retirement Income Security Act (“ERISA”) is currently pending and is proceeding forward.

Those who are former or current employees Coventry Health Care Inc. and all persons who are participants in or beneficiaries of the Coventry Health Care Inc Retirement Savings Plan between February 9, 2007 and present and still hold those CVH shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiffs allege that the defendants breached their fiduciary duties under ERISA by offering and maintaining Coventry Health Care, Inc. (NYSE: CVH) stock in the Plan after it allegedly became imprudent to do so and by allegedly failing to provide complete and accurate information about the Company’s financial condition to plan participants in SEC filings and public statements.

CVH shares traded between February 9, 2007 and October 22, 2008 as high as $61.47 per share.

Then on October 21, 2008, Coventry Health Care issued a press release announcing its financial results for its third quarter of 2008, the period ended September 30, 2008.

In response to this announcement, the price of Coventry Health Care common stock declined significantly. In fact, NYSE:CVH shares fell from over $60 per share in January 2008 to as low as $8.36 per share in March 2009.

Recently, NYSE:CVH shares closed at $32.12 per share.

Those who are former or current employees Coventry Health Care Inc. and all persons who are participants in or beneficiaries of the Coventry Health Care Inc Retirement Savings Plan between February 9, 2007 and present and still hold those CVH shares, have certain options and should contact the Shareholders Foundation.

Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com