Key Developments: Centene Corp (CNC.N)
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$51.34
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Latest Key Developments (Source: Significant Developments)
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Centene Corporation
Law Offices of Howard G. Smith announced that a class action lawsuit has been filed in the United States District Court for the Eastern District of Missouri on behalf of purchasers of the securities of Centene Corporation between February 7, 2012, and June 8, 2012, inclusive (the Class Period) seeking to pursue remedies under the Securities Exchange Act of 1934. The Complaint alleges that, throughout the Class Period, the defendants issued materially false and misleading statements concerning the Company’s financial performance and prospects. Specifically, the Complaint alleges that the defendants misrepresented and/or failed to disclose that the Company's profit and revenue forecasts issued in January 2012, and increased in April 2012, were lacking in any reasonable basis; at the time the Company issued its revenue forecast in January 2012, Company insiders knew that the competitive landscape in the industry was more difficult than described and would thus make the Company’s guidance impossible to achieve; certain Company insiders capitalized on this material adverse information to sell the Company shares at inflated prices before the truth concerning the Company’s financial performance was disclosed to the market; the Company lacked adequate internal and financial controls; and as a result of the above, the Company’s statements concerning its business and operational prospects were materially false and misleading at all relevant times. Full Article
Centene Corp Reaffirms FY, Q3 2012 EPS Guidance; Comments On Q4 2012 EPS Guidance
Centene Corp announced that with a return to profitability in June, it expects a profitable third quarter 2012 with additional improvement in the fourth quarter 2012. For fiscal 2012, it expects diluted EPS (excluding impairment loss) of between $1.45-$1.65 and diluted EPS (including impairment loss) of between $0.95-$1.15. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $1.48 for fiscal 2012. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation Of Centene Corporation
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims on behalf of purchasers of the securities of Centene Corporation (Centene or the Company) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Centene between February 7, 2012 and June 8, 2012 were false and misleading concerning the Company’s financial performance and prospects. Full Article
Izard Nobel LLP Announces Class Action Lawsuit Against Centene Corp
The law firm of Izard Nobel LLP, which has experience representing investors in prosecuting claims of securities fraud, announced that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of Missouri on behalf of purchasers of the common stock of Centene Corp (Centene or the Company) between February 7, 2012 and June 8, 2012, inclusive (the "Class Period"). The Complaint alleges that Centene and certain of its officers and directors violated the federal securities laws. Specifically, 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. 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. Full Article
Law Firm of Levi & Korsinsky Notifies Investors with Losses on Their Investment in Centene Corp of Class Action Lawsuit and Deadline of August 28, 2012 to Seek Lead Plaintiff Position
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Missouri on behalf of investors who purchased Centene Corp securities between February 7, 2012 and June 8, 2012. 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 known competitive pressures. On June 11, 2012, the Company cut its full-year profit and revenue forecasts due to higher-than-expected medical costs. The Company also revised its 2012 guidance from $1.45 to $1.65 per share and disclosed that expenses were above projections for commercial polices sold by its Celtic Insurance unit, and that Centene was evaluating goodwill and intangible assets at the unit that may result in a non-cash charge of about $28 million. Upon this news, shares of Centene stock fell from a close of $35.47 the previous business day to a close of $27.58 per share. Full Article
Securities Lawyers Seek To Improve Centene Corporation Shareholder Value By Potential Shareholder Claim, Announces Goldfarb LLP
Goldfarb LLP announced that it is investigating whether the board of directors of Centene Corporation violated shareholder protection laws by issuing materially false and misleading statements to investors that artificially inflated the Company's stock price. Full Article
Ryan & Maniskas, LLP Files Class Action Lawsuit Against Centene Corp
Ryan & Maniskas, LLP announced that it has filed a class action lawsuit in the United States District Court for the Eastern District of Missouri on behalf of all investors who purchased Centene Corp 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. 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. 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. Full Article
Briscoe Law Firm and Powers Taylor, LLP Investigate Possible Breaches Of Fiduciary Duty By Officers And Directors Of Centene Corp
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announced that the firms are investigating legal claims against the officers and Board of Directors of Centene Corp (Centene) related to potential securities violations by Centene between February 7, 2012 and June 8, 2012 (the Class Period). In a recently filed federal class action complaint, Centene and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants` misrepresented and/or failed to disclose that during the Class Period the Company's profit and revenue forecasts issued in January 2012 and increased in April 2012 were lacking in any reasonable basis and that, at the time Centene issued its profit and revenue forecast in January 2012, Centene`s insiders knew that the competitive landscape in its industry was more difficult than described and would thus make Centene`s guidance impossible to achieve. Full Article
Robbins Umeda LLP Announces Investigation Of Centene Corp
Robbins Umeda LLP announced that it is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Centene Corp. Robbins Umeda LLP is investigating whether officers and directors of Centene breached their fiduciary duties to shareholders by causing the Company to incorrectly report guidance and issue materially false and misleading statements related to Centene's business prospects and operations. On June 11, 2012, Centene issued a press release acknowledging that the Company was forced to cut its full-year revenue and profit forecasts due to "[h]igher than anticipated medical costs." Centene also disclosed to investors that the Company revised downward its 2012 fiscal guidance to $1.45 to $1.65 per diluted share, far below previously announced guidance of $2.64 to $2.84 per diluted share. On this news, shares of Centene's common stock declined by more than 22% of their value, closing on June 11, 2012 at just $27.58 per share. The firm is also examining allegations that certain insiders at the Company capitalized on nonpublic adverse facts about Centene's true business condition. Prior to the Company's June 11, 2012 announcement, several Centene officers and directors reportedly sold over 374,000 shares of Centene common stock for gross proceeds of nearly $18 million. Full Article
Levi & Korsinsky Announces Class Action Lawsuit Against Centene Corp
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Missouri on behalf of investors who purchased Centene Corp (Centene or the Company) securities between February 7, 2012 and June 8, 2012. 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 known competitive pressures. On June 11, 2012, the Company cut its full-year profit and revenue forecasts due to higher-than-expected medical costs. The Company also revised its 2012 guidance from $1.45 to $1.65 per share and disclosed that expenses were above projections for commercial polices sold by its Celtic Insurance unit, and that Centene was evaluating goodwill and intangible assets at the unit that may result in a non-cash charge of about $28 million. Upon this news, shares of Centene stock fell from a close of $35.47 the previous business day to a close of $27.58 per share. Full Article
Centene tops estimates on new, expanded Medicaid contracts
- Health insurer Centene Corp reported a better-than-expected quarterly profit as it added more states under its Medicaid contracts and expanded its coverage in existing ones.
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