BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been 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.
Investors suffering losses on their Centene investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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 shares of Centene during the Class Period you may move the Court no later than January 13, 2017 to ask the Court to appoint you 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, 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 [email protected], or visit our website at http://www.howardsmithlaw.com.
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