The Shuman Law Firm announces that it is investigating potential shareholder claims against certain officers and directors of Centene Corp. (“Centene” or the “Company”) (NYSE: CNC). Centene provides health plans in over twenty states through Medicaid, Medicare, and the Health Insurance Marketplace.
The Firm’s investigation relates to the Company’s approximately $6 billion merger with Heath Net, Inc. Following this acquisition, a class action lawsuit was filed against the Company and certain of its senior officers and directors alleging that the Company incorrectly accounted for Health Net’s underperforming health plans, including by understating certain reserves to account for losses in California, Arizona and Oregon. On July 26, 2016, the Company filed a report with the SEC on Form 8K, stating that it was reserving approximately $300 million for losses associated with Health Net’s insurance plan. Following this news, the Company’s share price fell approximately 8%, leading to a market capitalization loss of nearly $1 billion.
If you currently own Centene common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at email@example.com or Mr. Glenn at firstname.lastname@example.org.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.