BOCA RATON, FL -- (Marketwire) -- 06/29/12 -- Saxena White P.A. has filed a class action lawsuit in the United States District Court for the Eastern District of Missouri on behalf of all investors who purchased Centene Corporation ("Centene" or the "Company") (NYSE: CNC) common stock during the period from February 7, 2012 through June 8, 2012 (the "Class Period"). The complaint brings forth claims for violations of the Securities Exchange Act of 1934.
Centene operates as a multiline healthcare company in the United States. On June 11, 2012, the Company's stock price plunged over 22% after the Company cut its full-year profit and revenue forecasts due to higher-than-expected medical costs. Centene revised its projections to earnings of $1.45 to $1.65 per share for 2012 versus a previous forecast of $2.64 to $2.84 per share. In addition, the Company also disclosed that expenses were above projections for commercial polices sold by its Celtic Insurance unit and Centene was evaluating goodwill and intangible assets at the unit that may result in a non-cash charge of about $28 million.
The complaint alleges that Centene misrepresented its financial condition and failed to inform investors that the Company's 2012 outlook, provided at the start of the Class Period, lacked a reasonable basis when made due to already existing and understood competitive pressures.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased Centene stock between February 7, 2012 and June 8, 2012, inclusive, you may contact Joe White or Marc Grobler at Saxena White P.A. to discuss your rights and interests.
If you purchased Centene common stock during the Class Period and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than August 28, 2012. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.