NEW YORK – Shares of insurer Genworth Financial Inc. fell Monday after the company disclosed an issue with its accounting.
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The company said it failed to notice a $44 million after-tax calculation error due to a "material weakness" in how it checks its accounting. Genworth said in a filing with the U.S. Securities and Exchange Commission Monday that the error did not have a significant effect on its financial statements.
The Richmond, Virginia-based company said it is working to fix the problem.
Genworth shares fell 42 cents, or 5.4 percent, to $7.33 in afternoon trading Monday.