San Diego, CA -- (SBWIRE) -- 08/27/2014 -- An investor, who purchased shares of Genworth Financial Inc (NYSE:GNW), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Genworth Financial Inc in connection with certain allegedly false and misleading statements made between December 4, 2013 and July 29, 2014.

Investors who purchased shares of Genworth Financial Inc (NYSE:GNW) have certain options and for certain investors are short and strict deadlines running. Deadline: October 20, 2014. NYSE:GNW investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of purchasers of Genworth Financial Inc (NYSE:GNW) common shares between December 4, 2013 and July 29, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between December 4, 2013 and July 29, 2014 Genworth Financial Inc allegedly failed to disclose that Genworth Financial Inc’s long term care insurance (“LTC”) claims were increasing in number and size, that Genworth Financial Inc would have to increase its reserves to meet these claims, and that, as a result of the foregoing, Genworth Financial Inc’s statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.

Genworth Financial Inc reported that its annual Total Revenue declined from over $10.08 billion in 2010 to over $9.42 billion in 2013 while its respective Net Income increased from $52 million to $560 million. Shares of Genworth Financial Inc grew from $4.32 per share in August 2013 to as high as $18.22 per share in May 2014.

On July 29, 2014, after the market close, Genworth Financial Inc announced that its LTC insurance division suffered from higher losses than the prior quarter due to the increased number and size of LTC insurance claims. Genworth Financial Inc announced that it was conducting a comprehensive review of the adequacy of its claim reserves.

Shares of Genworth Financial Inc declined from $16.26 per share on July 29, 2014 to $12.89 per share on July 30, 2014, respectively $12.64 per share on August 7, 2014.

On August 25, 2014, NYSE:GNW shares closed at $13.98 per share.

Those who purchased shares of Genworth Financial Inc (NYSE:GNW) have certain options and should contact the Shareholders Foundation.

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