Cases
Centene Corporation (NYSE : CNC)
Securities Class Action
Overview
Overview
- Date:
- 11/16/2016
- Company Name:
- Centene Corporation
- Stock Symbol:
- CNC
- Class Period:
- FROM 4/26/2016 TO 9/6/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Central California
NEW YORK, November 16, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the California Central District Court on behalf of all persons or entities who acquired the Centene Corporation (NYSE: CNC) securities between April 26, 2016 to September 6, 2016 (the “Class Period”).
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 acquired Centene securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
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 acquired Centene securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.