NEW YORK, Feb. 15, 2017 /PRNewswire/ -- WeissLaw LLP
announced that a class action was commenced in the United States
District Court for the District of Delaware on behalf of shareholders of Genworth
Financial, Inc. (NYSE: GNW) ("Genworth") seeking to pursue
remedies under the Securities and Exchange Act of 1934 (the
"Exchange Act") in connection with the proposed acquisition of
Genworth by China Oceanwide Holdings Group Co., Ltd. ("China
Oceanwide").
On October 23, 2016, Genworth and
China Oceanwide announced that they had entered into a definitive
agreement pursuant to which China Oceanwide will acquire all
outstanding shares of Genworth in a transaction valued at
approximately $2.7 billion (the
"Proposed Transaction"). Under the terms of the agreement,
Genworth shareholders will receive $5.43 in cash for each Genworth share they
own. The complaint seeks injunctive relief on behalf of the
named plaintiff and all Genworth shareholders. The plaintiff is
represented by WeissLaw, which has extensive expertise in
prosecuting investor class actions.
The complaint alleges that in an attempt to secure shareholder
approval for the merger, the defendants filed a materially false
and/or misleading Proxy Statement with the SEC in violation of the
Exchange Act. The omitted and/or misrepresented information is
believed to be material to Genworth shareholders' ability to make
an informed decision whether to approve the Proposed
Transaction.
If you wish to serve as lead plaintiff, you must move the Court
no later than sixty days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff's counsel, Joshua M. Rubin of WeissLaw at
888.593.4771, or by e-mail at
stockinfo@weisslawllp.com. Any member of the putative
class may move the Court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
clients and obtained important corporate governance relief in many
of these cases. If you have information or would like legal advice
concerning possible corporate wrongdoing please email us at
stockinfo@weisslawllp.com.
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SOURCE WeissLaw LLP