Coventry Health Care, Inc. Former Employee Lawsuit

June 20, 2011 - PRLog -- A lawsuit on behalf of certain former and current employees of Coventry Health Care, Inc.  and all persons who are participants in or beneficiaries of the  Coventry Health Care Inc Retirement Savings Plan  between February 9, 2007 and November 2009 concerning alleged violations of the  Employee Retirement Income Security Act (“ERISA”) is pending.

If you a former or current employee Coventry Health Care Inc. and all persons who are participants in or beneficiaries of the Coventry Health Care Inc Retirement Savings Plan between February 9, 2007 and November 2009, you should contact the Shareholders Foundation, Inc. by email at mail@shareholdersfoundation.com or call +1 (858) 779 - 1554.

The lawsuit by participants in or beneficiaries of the Coventry Health Care Inc Retirement Savings Plan followed a lawsuit filed in the United States District Court for the District of Maryland by investors in Coventry Health Care, Inc. (Public, NYSE-CVH) shares , who purchased their CVH shares between February 9, 2007 and October 22, 2008. According to the investor complaint the plaintiff alleges Coventry and certain of its executives with violations of the Securities Exchange Act of 1934 by issuing between February 9, 2007 and October 22, 2008 numerous positive statements regarding Coventry Health Care’s financial condition, business and prospects, that were materially false and misleading because defendants failed to disclose adverse facts.
CVH shares traded between February 9, 2007 and October 22, 2008 as high as $61.47 per share.

Then on October 21, 2008, Coventry Health Care issued a press release announcing its financial results for its third quarter of 2008, the period ended September 30, 2008. In response to this announcement, the price of Coventry Health Care common stock declined from $28.49 per share to $13.93 per share, or more than 51%, on very heavy trading volume, so the lawsuit.

Since then CVH shares have regained value and traded recently as high as $34.18 per share.

Those who are former or current employees of Coventry Health Care and all persons who are participants in or beneficiaries of the Coventry Health Care Inc Retirement Savings Plan between February 9, 2007 and November 2009, you should contact the Shareholders Foundation, Inc. by email at mail@shareholdersfoundation.com or call  +1 (858) 779-– 1554.

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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.