SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Genworth Financial, Inc. - GNW

NEW YORK, April 8, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Genworth Financial, Inc. ("Genworth" or the "Company")(NYSE: GNW)(CUSIP: 37247D106).  Investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.

The investigation concerns whether Genworth and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

On November 3, 2011, Genworth announced plans to pursue a minority share IPO of its Australian mortgage insurance business.  The Company planned to sell up to 40% of its $2 billion Australian unit and intended to use part of the proceeds to repurchase shares of the Company's stock.

On February 2, 2012, Genworth issued a press release announcing its fourth quarter 2011 financial results, and in that announcement Genworth assured investors that the IPO remained on track to close in the second quarter of 2012, stating in the release that, "Actions completed or that we continue to pursue include, the planned minority IPO of Australia Mortgage Insurance."

On April 17, 2012, Genworth issued a press release announcing a new timeframe for completing its planned IPO, stating that "Genworth is now seeking to complete the IPO in early 2013, subject to market conditions, valuation consideration including business performance, and regulatory approvals."

On this news, shares of Genworth fell $1.83, or more than 24%, on April 18, 2012, on unusually heavy trading volume. 

The Pomerantz Firm, with offices in New York, Chicago, San Diego, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]

SOURCE Pomerantz LLP