Key Developments: Genworth Financial Inc (GNW)

GNW on New York Consolidated

13.88USD
22 Aug 2014
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Latest Key Developments (Source: Significant Developments)

Genworth Financial, Inc announces filing of prospectus for australian initial public offering
Tuesday, 22 Apr 2014 09:45pm EDT 

Genworth Financial, Inc:Says that prospectus has been filed with the Australian Securities and Investments Commission by Genworth Mortgage Insurance Australia Limited (Genworth Australia).Holding company for Genworth's Australian mortgage insurance business, for an initial public offering of up to 40 percent of Genworth Australia's ordinary shares by Genworth Australia.The gross proceeds of the offering are projected to be between $400 million and $700 million.  Full Article

Howard G. Smith files Class Action Lawsuit against Genworth Financial, Inc.
Tuesday, 22 Apr 2014 10:32am EDT 

Howard G. Smith:Files a class action lawsuit on behalf of all purchasers of the securities of Genworth Financial, Inc. between Feb. 3, 2012 and April 17, 2012.Complaint alleges that throughout the Class Period defendants issued false and misleading statements or failed to disclose that it was not adequately accounting for its loss reserves related to its Australian mortgage insurance unit.Failed to disclose known trends and uncertainties concerning an increase in claims and delinquencies associated with its Australian unit in the second half of 2011.  Full Article

Genworth Financial Inc's investors filed class action
Thursday, 10 Apr 2014 08:17pm EDT 

Genworth Financial Inc:Robbins Arroyo LLP announces investor of Genworth Financial, Inc. filed a federal securities fraud class action complaint in the U.S. District Court for the Southern District of New York.The complaint alleges that the company and certain of its officers and directors violated the Securities and Exchange Act of 1934 between Feb. 3, 2012 and April 17, 2012.  Full Article

Glancy Binkow & Goldberg LLP files class action lawsuit against Genworth Financial Inc
Tuesday, 8 Apr 2014 05:02pm EDT 

Glancy Binkow & Goldberg LLP:Files class action lawsuit in United States District Court for Southern District of New York on behalf of class comprising all purchasers of Genworth securities between Feb. 3, 2012 and April 17, 2012.Complaint alleges that throughout the Class Period defendants issued false and misleading statements or failed to disclose.Company was not adequately accounting for loss reserves related to Australian mortgage insurance unit, in violation of Generally Accepted Accounting Principles.Company failed to disclose known trends and uncertainties concerning an increase in claims and delinquencies associated with Australian unit in second half of 2011.  Full Article

Robbins Geller Rudman & Dowd LLP files class action suit against Genworth Financial Inc
Friday, 4 Apr 2014 03:30pm EDT 

Robbins Geller Rudman & Dowd LLP:Class action has been commenced on behalf of institutional investor in United States District Court for Southern District of New York on behalf of purchasers of Genworth Financial, Inc. securities during period between Feb. 3, 2012 and April 17.Complaint alleges that throughout Class Period, defendants violated federal securities laws by disseminating false and misleading statements to investing public.Including about stability and outlook of company's Australian mortgage insurance unit or Company's ability to complete initial public offering (IPO) of Australian business unit in the second quarter of 2012.As result of defendants' false and misleading statements, company's stock traded at artificially inflated prices during the Class Period, trading as a high of $9.54 per share on Feb. 21, 2012.  Full Article

Williams Grand Prix Holdings PLC signs agreement with Genworth Financial Inc
Wednesday, 12 Feb 2014 05:11am EST 

Williams Grand Prix Holdings PLC:Announces a new multi-year partnership agreement with Genworth Lifestyle Protection of Genworth Financial Inc.Says new partnership will see the Genworth logo appear on the rear wing endplate of the Williams Mercedes FW36, the overalls worn by each driver, and the kit worn b team personnel from the 2014 season onwards.  Full Article

Genworth Financial Inc's subsidiary prices $400 mln senior notes offering
Thursday, 5 Dec 2013 04:31pm EST 

Genworth Financial Inc:Says its subsidiary Genworth Holdings, Inc has priced a public offering of senior notes due 2024 in an aggregate principal amount of $400 million with an interest rate of 4.800 percent per year.Says the notes will be fully and unconditionally guaranteed on an unsecured and unsubordinated basis by Genworth Financial, Inc.Says it expects to use the net proceeds from this offering to make a capital contribution to one or more of our U.S. mortgage insurance subsidiaries to satisfy all or a part of the higher capital requirements.Says Deutsche Bank Securities Inc., Goldman, Sachs & Co. and J.P. Morgan Securities LLC are joint book-running managers for this offering.  Full Article

Genworth Financial Inc's subsidiary announces senior notes offering
Thursday, 5 Dec 2013 09:25am EST 

Genworth Financial Inc:Says its subsidiary Genworth Holdings, Inc has commenced a public offering of senior notes due 2024.Says the notes will be fully and unconditionally guaranteed on an unsecured and unsubordinated basis by Genworth Financial, Inc.Says it expect to use the net proceeds from this offering to make a capital contribution to one or more of U.S. mortgage insurance subsidiaries to satisfy all or a part of the higher capital requirements expected to be imposed by government-owned and government-sponsored enterprises.Says Deutsche Bank Securities Inc., Goldman, Sachs & Co. and J.P. Morgan Securities LLC are joint book-running managers for this offering.  Full Article

Genworth Financial Inc Enters Into $300 Million Credit Agreement
Thursday, 26 Sep 2013 08:56am EDT 

Genworth Financial Inc and its wholly owned subsidiary Genworth Holdings, Inc announced the entrance into a credit agreement that provides Genworth Holdings, Inc. with a three-year $300 million, multicurrency revolving credit facility, with a $100 million sublimit for letters of credit. The proceeds of the loans may be used for working capital and general corporate purposes. The obligations under the credit agreement are unsecured and payment of Genworth Holdings, Inc.'s obligations is fully and unconditionally guaranteed by Genworth Financial, Inc.  Full Article

Genworth Financial Inc Announces Closing Of Wealth Management Business Sale
Tuesday, 3 Sep 2013 08:15am EDT 

Genworth Financial, Inc announced that it has closed the sale of its Wealth Management business, including Genworth Financial Wealth Management and alternative solutions provider, the Altegris companies, to a partnership of Aquiline Capital Partners and Genstar Capital. The sale price was $412.5 million and the company will record an additional after-tax loss of up to $10 million related to the sale in the third quarter of 2013. Proceeds of approximately $360 million, net of transaction costs and payments to settle obligations to the former owners of its Altegris businesses, together with cash on hand at Genworth Holdings, Inc., will be used to address the Company's remaining 2014 debt at maturity or before.  Full Article

Fitch Solutions: Subpar 2Q Results Send Genworth's CDS 56% Wider

(The following statement was released by the rating agency) NEW YORK, August 12 (Fitch) Subpar results posted last quarter has sent credit default swap (CDS) spreads on Genworth Financial Inc. to their widest results since earlier this year, according to the latest CDS case study from Fitch Solutions. Five-year CDS on Genworth have come out 56% over the past month, the widest levels seen since February. After pricing consistently in 'BBB-' space since April, the market is now pricing Genwor

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