Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Missouri on behalf of purchasers of the securities of Centene Corporation (“Centene” or the “Company”) (NYSE:CNC) between February 7, 2012 and June 8, 2012, inclusive (the “Class Period”) seeking to pursue remedies under the Securities Exchange Act of 1934.
Centene operates as a multiline healthcare company in the United States that provides Medicaid and Medicaid-related health plan coverage to individuals through government subsidized programs, including Medicaid, foster care and Medicare special needs plans, among others.
The Complaint alleges that, throughout the Class Period, the defendants issued materially false and misleading statements concerning the Company’s financial performance and prospects. Specifically, the Complaint alleges that the defendants misrepresented and/or failed to disclose that: (1) Centene’s profit and revenue forecasts issued in January 2012, and increased in April 2012, were lacking in any reasonable basis; (2) at the time the Company issued its revenue forecast in January 2012, Company insiders knew that the competitive landscape in the industry was more difficult than described and would thus make the Company’s guidance impossible to achieve; (3) certain Company insiders capitalized on this material adverse information to sell Centene shares at inflated prices before the truth concerning the Company’s financial performance was disclosed to the market; (4) the Company lacked adequate internal and financial controls; and (5), as a result of the above, the Company’s statements concerning its business and operational prospects were materially false and misleading at all relevant times.
No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Centene common stock between February 7, 2012 and June 8, 2012, you have certain rights, and have until August 28, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.