SAN DIEGO and RICHMOND, Va., March 2,
2015 /PRNewswire/ -- Shareholder rights law firm Robbins
Arroyo LLP is investigating whether certain officers and directors
of Genworth Financial, Inc. (NYSE: GNW) breached their
fiduciary duties to shareholders. Genworth provides
insurance, investment, and financial solutions in the United States and internationally.
View this press release on the law firm's Shareholder Rights
Blog:
www.robbinsarroyo.com/shareholders-rights-blog/genworth-financial-inc-march-2015
Genworth Admittedly Lacked Adequate Internal
Controls
Robbins Arroyo LLP's investigation focuses on a "material
weakness" Genworth identified and disclosed in its latest Form 10-K
filed with the U.S. Securities Exchange Commission on March 2, 2015. The company announced that it did
not have adequate controls in place to ensure that changes made to
one of its methodologies associated with the long-term care
insurance claim reserves assumption was executed correctly. Due to
Genworth's lack of financial controls, the company failed to
identify a $44 million after-tax
calculation error.
In light of this news, Robbins Arroyo LLP is investigating
whether the lack of adequate internal controls constitutes a breach
of fiduciary duty by Genworth's board of directors.
Genworth Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney
Darnell R. Donahue at (800)
350-6003, DDonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, Ca 92101
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP