NEW YORK, July 17, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Missouri on behalf of investors who purchased Centene Corporation ("Centene" or the "Company") (NYSE:CNC) securities between February 7, 2012 and June 8, 2012.
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The complaint alleges that Centene misrepresented its financial condition and failed to inform investors that the Company's 2012 outlook, provided at the start of the Class Period, lacked a reasonable basis when made due to already existing and known competitive pressures. On June 11, 2012, the Company cut its full-year profit and revenue forecasts due to higher-than-expected medical costs. The Company also revised its 2012 guidance from $1.45 to $1.65 per share and disclosed that expenses were above projections for commercial polices sold by its Celtic Insurance unit, and that Centene was evaluating goodwill and intangible assets at the unit that may result in a non-cash charge of about $28 million. Upon this news, shares of Centene stock fell from a close of $35.47 the previous business day to a close of $27.58 per share.
If you suffered a loss in Centene you have until August 28, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/centene-corporation-cnc.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com