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Centene Corp (NYSE:CNC) Investor Securities Class Action Lawsuit 11/14/2016

  • You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of October 13, 2020 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Centene Corp
Security
NYSE: CNC

Case Name
Centene Shareholder Class Action Lawsuit 11/14/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Missouri

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
Centene_Corp_Settlement_03_05_2020.pdf
Settlement Proof
Cetene_Corp_Proof_03_05_2020.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$7,500,000.00

You must register to view and download the Settlement Notice and Settlement Proof.

Summary

June 23, 2020 - The court preliminarily approved the settlement.

March 5, 2020 - A stipulation of settlement was filed by the parties.

August 30, 2019 - The court granted in part and denied in part the defendants' motion to dismiss.

September 15, 2017 - A motion to dismiss the amended complaint was filed.

July 17, 2017 - An amended complaint was filed.

March 1, 2017 - The case was transferred to the U.S. District Court for the Eastern District of Missouri.

November 14, 2016 (Shareholders Foundation) - An investor in shares of Centene Corp (NYSE:CNC) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Centene Corp in connection with certain allegedly false and misleading statements made between April 26, 2016 and September 6, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Centene Corp (NYSE:CNC) common shares between April 26, 2016 and September 6, 2016, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 26, 2016 and September 6, 2016 the defendants failed to inform investors that certain Health Net insurance programs were significantly underperforming, that Health Net’s insurance plans were generating material losses, that Centene Corp had overstated Health Net’s financial prospects, and that, as a result of the foregoing, defendants’ statements about Centene Corp’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis. On March 24, 2016, Centene Corp announced the acquisition of Health Net, Inc. (“Health Net”), a health care insurance provider.

On July 26, 2016, Centene Corp announced that, “we did increase reserves for medical claims primarily associated with disputed substance abuse treatment center costs. Additionally, we recorded premium deficiency reserves primarily associated with Arizona and the California individual PPO business.”

Shares of Centene Corp (NYSE:CNC) declined from $75.39 per share in July 2016 to as low as $50.00 per share on November 9, 2016.

Date Settled