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.
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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 email@example.com, firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Centene's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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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