Aug. 10, 2012 (Shareholders Foundation) -- A current investor in shares of Centene Corp (NYSE:CNC) filed a lawsuit against directors of Centene Corp over alleged breaches of fiduciary duties in connection with certain financial statements.

According to the complaint the plaintiff alleges certain directors of Centen Corp. wasted corporate assets and exposed the company to hundreds of millions of dollars in potential liability for violations of state and federal law. The plaintiff says that the wrongdoings by certain officers and directors resulted also in damages to Centen’s reputation, goodwill, and standing in the business community.

Earlier in June 2012 an investor filed a lawsuit against Centene Corp (NYSE:CNC) over alleged violations of the Securities Exchange Act of 1934 between February 7, 2012 through June 8, 2012,. That plaintiff alleged that Centene Corp allegedly misrepresented its financial condition and allegedly failed to inform investors that its 2012 outlook, provided at the in early 2012 lacked a reasonable basis when made due to already existing and understood competitive pressures.

On June 11, 2012, Centene Corporation (NYSE: CNC) announced that it is revising its 2012 guidance to $1.45 to $1.65 per diluted share, from the previously announced range of $2.64 to $2.84 per diluted share. Centene Corporation said the revised guidance range reflects negative financial results in May for its Kentucky Health Plan and the Hidalgo service area in its Texas Health Plan, as well as in the Celtic individual health business.

NYSE:CNC shares fell from $35.48 per share on June 8, 2012 to $24.73 per share on June 11, 2012. NYSE:CNC shares closed on July 2, 2012, at $29.89 per share.