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If you purchased shares of Genworth Financial Inc (NYSE:GNW) and currently hold any of those NYSE:GNW shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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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
November 7, 2016 (Shareholders Foundation) - An investor who currently holds shares of Genworth Financial Inc (NYSE:GNW), filed a lawsuit in effort to halt the proposed takeover of Genworth Financial Inc. by China Oceanwide Holdings Group Co., Ltd for $5.43 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:GNW stockholders by agreeing to sell Genworth Financial Inc too cheaply via an unfair process to China Oceanwide Holdings Group Co., Ltd.
On October 23, 2016, China Oceanwide Holdings Group Co., Ltd. and Genworth Financial Inc (NYSE:GNW) announced that they have entered into an agreement under which China Oceanwide Holdings Group Co., Ltd has agreed to acquire all of the outstanding shares of Genworth Financial Inc (NYSE:GNW) for a total transaction value of approximately $2.7 billion, or $5.43 per share in cash.
However, plaintiff claims that the proposed consideration NYSE:GNW shareholders will receive is grossly inadequate and undervalues Genworth Financial Inc. Shares of Genworth Financial Inc (NYSE:GNW) reached as high as $18.22 per share in May 2014.
In addition, the plaintiff alleges that the process is also unfair to NYSE:GNW stockholders. Indeed, the plaintiff claims that the defendants agreed to deal protection devices, such as a no solicitation and a $105 million termination fee clause, that deter other bidders from making a superior offer for Genworth Financial Inc