PHILADELPHIA, Dec. 19, 2002 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was filed on December 16, 2002, in the United States District Court for the District of Connecticut, on behalf of all persons and entities who purchased or otherwise acquired the securities 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 action, numbered 02-CV-2224, is pending in the United States District Court, District of Connecticut, located at United States Courthouse, 450 Main Street, Hartford, Connecticut 06103, against defendants Annuity and Life, Frederick S. Hammer, Chairman of the Board of Directors, Lawrence S. Doyle, Chief Executive Officer and President and John F. Burke, Chief Financial Officer, Senior Vice President and Corporate Secretary. A copy of the Complaint is available from the Court or the Law Offices Bernard M. Gross, P.C. Please contact us by phone at 866-561-3600 (toll free) or by E-mail at susang@bernardmgross.com.
The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between February 12, 2001 and November 19, 2002, thereby artificially inflating the price of Annuity and Life securities. 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: (1) that the Company had failed to properly account for embedded derivatives contained in certain of its annuity reinsurance contracts in 2001; (2) that, since at least 2001, the Company had understated a portion of its liabilities and expenses; (3) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (4) 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 the 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 Law Offices Bernard M. Gross, P.C. Law Offices Bernard M. Gross, P.C. has significant experience and expertise in prosecuting class actions. Law Offices Bernard M. Gross P.C. has recently filed the following cases:
COMPANY SYMBOL PURCHASED DURING LEAD PLAINTIFF
CLASS PERIOD FILING DEADLINE
Cigna Corp CI - NYSE 05/02/01 - 10/24/02 12/24/02
NUI Corp. NUI-NYSE 11/8/01 - 10/17/02 12/30/02
If you bought the common securities of Annuity and life between February 12, 2001 and November 19, 2002, you may, no 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. If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca