mail@shareholdersfoundation.com
An investigation on behalf of former and current employees of Conseco, Inc. (Public, NYSE:CNO) concerning potential Employee Retirement Income Security Act (“ERISA”) Breach of Fiduciary Duty was announced.
If you a former or current employee or are a member of any of Conseco’s investment plans or profit sharing retirement plans and purchased or held Conseco, Inc. (Public, NYSE:CNO) shares or have information relating to this investigation, you should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
Conseco, Inc. has been accused of securities fraud and according to a an investigation by a law firm under ERISA employees (former and current) of Conseco, Inc. (Public, NYSE:CNO) may be eligible to file a ERISA complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them. The Fiduciary duty refers to a company’s responsibility to the people who invest in it and if an employer puts the company’s interest ahead of the investors’, it has broken its fiduciary duty, so the investigation.
Conseco, Inc. faces a securities class action lawsuit over alleged violations of Federal Securities Laws on behalf of purchasers of the common stock of Conseco Inc. (NYSE:CNO) common stock during the period from August 4, 2005 to March 17, 2008. An investor in Conseco, Inc. (Public, NYSE:CNO) has filed a proposed securities class action lawsuit in the United States District Court for the Southern District of New York against Conseco, Inc. and others over alleged violations of Federal Securities Laws. According to the complaint the plaintiff alleges that Conseco Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between August 4, 2005 to March 17, 2008 numerous materially false and misleading statements regarding Conseco’s financial performance. Then on March 17, 2008, Conseco Inc disclosed that it did not maintain effective controls over the accounting and disclosure of insurance policy benefits and the liabilities for insurance products and that it would therefore be restating its financial results for the years ended December 31, 2004 and 2006, along with affected Selected Consolidated Financial Data for 2003 and 2004, and quarterly financial information for 2006 and the first three quarters of 2007. In response to this announcement, so the complaint, shares of Conseco’s stock (NYSE: NCO) fell $1.30 per share, or 12.9%, from a close of $10.06 per share on March 14, 2008, the last trading date before the announcement, to close at $8.76 per share, on extremely heavy trading volume.
Conseco, Inc., located in Carmel, IN, is the holding company for a group of insurance companies operating throughout the United States that develops, markets and administers supplemental health insurance, annuity, individual life insurance and other insurance products. The Company focuses on serving the senior and middle-income markets. Conseco, Inc. (Public, NYSE:CNO) reported in 2007 Total Revenue of $4.1313billion and in 2008 Total Revenue of $4.1897billion. Shares of Conseco, Inc. (Public, NYSE:CNO) traded recently at $3.16 per share, down from at 52weekHigh of $10.00 per share, $20.90 per share in 2007, and $25.49 per share in 2006.
Those who are former or current employees or are a member of any of Conseco’s investment plans or profit sharing retirement plans and purchased or held Conseco, Inc. (Public, NYSE:CNO) shares or have information relating to this investigation, should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-
Fax:+1-(858)-
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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