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Conseco Inc (NYSE: CNO) Investor Securities Class Action Lawsuit 08/06/2009

  • If you purchased shares of Conseco Inc (NYSE: CNO), you may have certain options. Please contact 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

Case Dismissed
Company
Conseco, Inc.
Security
NYSE: CNO

Case Name
Conseco Shareholder Class Action Lawsuit 08/06/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 20, 2011 - The parties withdrew their appeal. The case was dismissed.

April 29, 2011 - A notice of appeal was filed.

March 30, 2011- The court granted defendants' motion to dismiss.

August 2, 2010 - A motion to dismiss the second amended complaint was filed.

June 2, 2010 - A corrected second amended complaint was filed.

June 1, 2010 - A second amended complaint was filed.

March 12, 2011 - A motion to dismiss the amended consolidated complaint was filed.

January 12, 2010 - An amended consolidated complaint was filed.

August, 6, 2009 - An investor in shares of Conseco Inc (NYSE: CNO) filed a lawsuit in the U.S. District Court for the Southern District of New York on behalf of purchasers of Conseco Inc (NYSE: CNO) common stock during the period from August 4, 2005 to March 17, 2008 against Conseco Inc and others over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that Conseco Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between August 4, 2005 to March 17, 2008 numerous materially false and misleading statements regarding Conseco Inc’s financial performance.

Then on March 17, 2008, Conseco Inc disclosed that it did not maintain effective controls over the accounting and disclosure of insurance policy benefits and the liabilities for insurance products and that it would therefore be restating its financial results for the years ended December 31, 2004 and 2006, along with affected Selected Consolidated Financial Data for 2003 and 2004, and quarterly financial information for 2006 and the first three quarters of 2007. In response to this announcement, so the complaint, shares of Conseco Inc’s stock (NYSE: NCO) fell $1.30 per share, or 12.9%, from a close of $10.06 per share on March 14, 2008, the last trading date before the announcement, to close at $8.76 per share, on extremely heavy trading volume.

Conseco Inc, located in Carmel, IN, is the holding company for a group of insurance companies operating throughout the United States that develops, markets and administers supplemental health insurance, annuity, individual life insurance and other insurance products. The Company focuses on serving the senior and middle-income markets. Conseco Inc (NYSE: CNO) reported in 2007 Total Revenue of $4.1313billion and in 2008 Total Revenue of $4.1897billion.

Shares of Conseco Inc (NYSE: CNO) traded recently at $3.16 per share, down from at 52weekHigh of $10.00 per share, $20.90 per share in 2007, and $25.49 per share in 2006.