NEW YORK, July 20, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Centene Corporation ("Centene" or the "Company") (NYSE: CNC).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that Centene's 2012 outlook provided on February 7, 2012, lacked a reasonable basis when made due to 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.
Also on June 11, 2012, the Company (1) revised its 2012 guidance; (2) disclosed that expenses were above initially projected for commercial polices sold by its Celtic Insurance unit; and (3) revealed that Centene was evaluating goodwill and intangible assets at the unit, which 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.
Request more information now by clicking here: www.faruqilaw.com/CNC. There is no cost or obligation to you.
If you purchased Centene securities between February 7, 2012 and June 8, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/CNC. You can also contact us by calling Juan Monteverde, Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org, email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Centene's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential matter.
FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan Monteverde, Esq.
Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP