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Centene Corporation CNC Securities Lawsuit


Company: Centene Corporation
Ticker Symbol: CNC
Class Period: Feb-7-12 to Jun-8-12
Date Filed: Jun-29-12
Lead Plaintiff Deadline: Aug-28-12
Court: Eastern District of Missouri
Allegations:
Boca Raton, FL: A securities class action lawsuit has been filed in the United States District Court for the Eastern District of Missouri on behalf of all investors who purchased Centene Corporation ("Centene" or the "Company") (NYSE: CNC) common stock during the period from February 7, 2012 through June 8, 2012 (the "Class Period"). The complaint brings forth claims for violations of the Securities Exchange Act of 1934.

Centene operates as a multiline healthcare company in the United States. On June 11, 2012, the Company's stock price plunged over 22% after the Company cut its full-year profit and revenue forecasts due to higher-than-expected medical costs. Centene revised its projections to earnings of $1.45 to $1.65 per share for 2012 versus a previous forecast of $2.64 to $2.84 per share. In addition, the Company also disclosed that expenses were above projections for commercial polices sold by its Celtic Insurance unit and Centene was evaluating goodwill and intangible assets at the unit that may result in a non-cash charge of about $28 million.

The complaint alleges that Centene misrepresented its financial condition and failed to inform investors that the Company's 2012 outlook, provided at the start of the Class Period, lacked a reasonable basis when made due to already existing and understood competitive pressures.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Centene Corporation CNC Securities Fraud Legal Help

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Published on Jul-2-12

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