mail@shareholdersfoundation.com
Conseco, Inc. faces a pending lawsuit on behalf of purchasers of the common stock of Conseco Inc. common stock during the period from August 4, 2005 to March 17, 2008. Meanwhile an investigation on behalf of current long term investors in Conseco Inc. (NYSE:CNO), including those who purchased their CNO shares as early as 2007 and continue to hold the CNO shares, over possible shareholder claims was announced.
If you are a current long term investor in Conseco Inc. (NYSE:CNO) common stock, including those who purchased their CNO shares as early as 2007 and continue to hold the CNO shares, you have certain options and you should contact the Shareholders Foundation, Inc. by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.
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. An investor in Conseco, Inc. (Public, NYSE:CNO) has filed a lawsuit in the United States District Court for the Southern District of New York against Conseco, Inc. and others alleging violations of Federal Securities Laws. According to the complaint the plaintiff alleges that the defendants 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 announced 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 October 30, 2009 the Federal Judge appointed the lead plaintiff and on January 12, 2010 the lead plaintiff filed the amended complaint. Shares of Conseco, Inc. (Public, NYSE:CNO) traded recently at $6.17 per share, down from over $12 per share in 2008, $20.90 per share in 2007, and $25.49 per share in 2006.
Those who are current long term investors in Conseco Inc. (NYSE:CNO) common stock, including those who purchased their CNO shares as early as 2007 and continue to hold the CNO shares, have certain options and should contact the Shareholders Foundation, Inc. by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.
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