Shareholder Class Action Filed Against Centene Corporation by the Law Firm of Schiffrin & Barroway, LLP
August 09 2006 - 7:35PM
PR Newswire (US)
RADNOR, Pa., Aug. 9 /PRNewswire/ -- The following statement was
issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the
United States District Court for the Eastern District of Missouri
on behalf of all securities purchasers of Centene Corporation
(NYSE:CNC) ("Centene" or the "Company") from April 25, 2006 to July
17, 2006, inclusive (the "Class Period"). If you wish to discuss
this action or have any questions concerning this notice or your
rights or interests with respect to these matters, please contact
Schiffrin & Barroway, LLP (Darren J. Check, Esq. or Richard A.
Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or
via e-mail at . The Complaint charges Centene and certain of its
officers and directors with violations of the Securities Exchange
Act of 1934. Centene is a leading multi-line healthcare enterprise
that provides programs and related services to individuals
receiving benefits under Medicaid. According to the Complaint,
defendants failed to disclose and misrepresented the following
material adverse facts which were known to defendants or recklessly
disregarded by them: (1) that adverse medical cost trends were
negatively impacting the Company's financial results; (2) that the
Company lacked adequate internal controls to properly track costs;
and (3) that, as a result of the above, the Company's statements
concerning Centene's financial performance were lacking in any
reasonable basis when made. On July 18, 2006, Centene announced
preliminary financial results for the second quarter of 2006.
Additionally, Centene announced that it was revising its 2006
guidance downward, approximately 38 percent from previous guidance.
On this news, shares of Centene plummeted $7.60, or 36.1 percent,
to close, on July 18, 2006, at $13.60 per share, on unusually heavy
trading volume. Plaintiff seeks to recover damages on behalf of
class members and is represented by the law firm of Schiffrin &
Barroway, which prosecutes class actions in both state and federal
courts throughout the country. Schiffrin & Barroway is a
driving force behind corporate governance reform, and has recovered
billions of dollars on behalf of institutional and individual
investors from the United States and around the world. For more
information about Schiffrin & Barroway, or to sign up to
participate in this action online, please visit
http://www.sbclasslaw.com/. If you are a member of the class
described above, you may, not later than October 2, 2006, move the
Court to serve as lead plaintiff of the class, if you so choose. A
lead plaintiff is a representative party that acts on behalf of
other class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class. Under
certain circumstances, one or more class members may together serve
as "lead plaintiff." Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. You may retain Schiffrin & Barroway, or other
counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP Darren J. Check, Esq.
Richard A. Maniskas, Esq. 280 King of Prussia Road Radnor, PA 19087
1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at
DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Darren J. Check,
Esq. or Richard A. Maniskas, Esq., Schiffrin & Barroway, LLP,
+1-888-299-7706 (toll-free), +1-610-667-7706, Web site:
http://www.sbclasslaw.com/
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