NEW YORK, Nov. 16, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Centene Corp. (“Centene” or the “Company”) (NYSE:CNC) of the January 13, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Centene stock or options between April 26, 2016 and September 6, 2016 (the “Class Period”). The case, Sanchez v. Centene Corp. et al, No. 16-cv-08469 was filed on November 14, 2016.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose negative developments in Health Net, Inc. following its acquisition by Centene on March 24, 2016.

Specifically, on July 26, 2016, Centene announced that it was reserving approximately $300 million for losses associated with Health Net’s insurance plan for medical claims associated with disputed costs for substance abuse treatment centers.

After the announcement, Centene’s share price fell from $75.26 per share on July 25, 2016 to a closing price of $68.87 on July 26, 2016—a $6.39 or a 8.5% drop.

Then, on September 6, 2016, Leerink Partners, LLC issued a report downgrading Centene stock due to underperformance of the Health Net legacy insurance programs, including Health Net’s California substance abuse programs.

After the announcement, Centene’s share price fell from $68.62 per share on September 5, 2016 to a closing price of $65.30 on September 6, 2016—a $3.32 or a 4.8% drop.

Request more information now by clicking here: www.faruqilaw.com/CNC. There is no cost or obligation to you.

Take Action

If you invested in Centene stock or options between April 26, 2016 and September 6, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/CNC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Centene’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.