Genworth Finds Material Weakness
March 02 2015 - 3:20PM
Dow Jones News
Insurer Genworth Financial Inc. said it didn't have adequate
controls in place and failed to identify a $44 million calculation
error as it implemented changes to its methodologies as part of a
review of its long-term-care claim reserves.
The company said the deficiency didn't result in a material
misstatement of its financials, but it concluded a material
weakness exists in its controls.
Shares dropped more than 8% and have lost more than half their
value over the past 12 months.
Write to Tess Stynes at tess.stynes@wsj.com
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