Genworth Financial Inc Discloses Material Weakness; Stock Plummets

Genworth Financial Inc Discloses Material Weakness; Stock Plummets

The shares of Genworth Financial plummeted after disclosing a material weakness related to the accounting of its long-term care unit in a regulatory filing with the Securities and Exchange Commission (SEC).

The stock price of Genworth Financial declined almost % to $7.31 per share at the time of this writing around 3:01 in the afternoon in New York.

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In its filing, the insurer wrote, “We are currently working to remediate the material weakness. We did not have adequate controls designed and in place to ensure that we correctly implemented changes made to one of the methodologies as part of our comprehensive long-term care insurance claim reserves review.”

On March 2, KPMG LLP submitted its report to the board of directors of Genworth Financial indicating its opinion that the insurance company “did not maintain effective internal control over financial reporting as of December 31, 2014.”

KPMG stated that a “material weakness related to a control over the company’s implementation of assumption and methodology changes for long-term care insurance claim reserves has been identified and included in management’s assessment.”