BALA CYNWYD, Pa., Dec. 13, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Connecticut on behalf of all purchasers of the common stock of Annuity and Life Re (Holdings), Ltd. ("Annuity and Life" or the "Company") (NYSE:ANR) between February 12, 2001 and November 19, 2002, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges Annuity and Life Re (Holdings), Ltd. and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition.. Specifically, the complaint alleges that throughout the Class Period, as alleged in the complaint, defendants issued numerous statements and filed quarterly and annual reports with the SEC which described the Company's increasing revenues and financial performance. As alleged in the complaint, these statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (i) that the Company had failed to properly account for embedded derivatives contained in certain of its annuity reinsurance contracts in 2001; (ii) that, since at least 2001, the Company had understated a portion of its liabilities and expenses; (iii) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (iv) that as a result, the values of the Company's balance sheet and financial results were materially overstated at all relevant times.
On November 19, 2002, the last day of the Class Period, Annuity and Life announced that it would restate its financial results for years 2000, 2001 and the first and second quarters of 2002, the period ending June 30, 2002. As detailed in the announcement, the restatement was necessary because the Company had failed to properly account for embedded derivatives contained in certain of its annuity reinsurance contracts in 2001, and, that since at least 2001, the Company had understated a portion of its liabilities and expenses. Following this disclosure, shares of Annuity and Life fell as much as 44%, culminating a 91% decline in the price of the Company's common stock in the prior twelve months.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which prosecutes class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.
If you are a member of the class described above, you may, not later than February 3, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.