- Genworth (GNW -3.7%) heads sharply lower in the early going amid an investor lawsuit claiming false and misleading statements made by the company in the 10-week period beginning on February 3, 2012 regarding the outlook for its Australian mortgage insurance unit and the ability to move forward with an IPO.
- Genworth's stock rose more than 50% from November 2011 up to March 2012 as the company expressed optimism about being able to pull off the IPO, according to the lawsuit, but an April 17 announcement pushing back the timetable sent the stock plunging nearly 50% over the next month.
- Genworth had its tail in the air last week amid a published report tipping the imminent launch of an IPO for the previously-discussed Australian unit.