Genworth Financial, Inc.
Robbins Arroyo LLP Is Investigating the Officers and Directors of Genworth Financial, Inc. (GNW) on Behalf of Shareholders
Robbins Arroyo LLP is investigating whether certain officers and directors of Genworth Financial, Inc. (NYSE: GNW) breached their fiduciary duties to shareholders. Genworth provides insurance, investment, and financial solutions in the United States and internationally.
Genworth Admittedly Lacked Adequate Internal Controls
Robbins Arroyo LLP’s investigation focuses on a “material weakness” Genworth identified and disclosed in its latest Form 10-K filed with the U.S. Securities Exchange Commission on March 2, 2015. The company announced that it did not have adequate controls in place to ensure that changes made to one of its methodologies associated with the long-term care insurance claim reserves assumption was executed correctly. Due to Genworth’s lack of financial controls, the company failed to identify a $44 million after-tax calculation error.
In light of this news, Robbins Arroyo LLP is investigating whether the lack of adequate internal controls constitutes a breach of fiduciary duty by Genworth’s board of directors.
Genworth Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.