ATLANTA, Jan. 6, 2003 (PRIMEZONE) -- Chitwood & Harley announces that it has filed a class action lawsuit in the United States District Court, District of Connecticut, on behalf of purchasers of the securities of Annuity and Life Re (Holdings), Ltd. ("Annuity and Life") (NYSE:ANR) between February 12, 2001 and November 19, 2002 (the "Class Period"), against defendants Annuity and Life and certain of its officers and directors.
If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Jennifer Morris at 1-888-873-3999 (toll-free) or by e-mail at jlm@classlaw.com. You may view a copy of this complaint or join the class action online at www.classlaw.com by clicking on Annuity and Life. If you wish to serve as lead plaintiff, you must move the Court for appointment no later than February 3, 2003. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The Complaint alleges that defendants violated the federal securities laws by issuing a series of materially false and misleading statements and/or concealing material adverse facts throughout the Class Period thereby artificially inflating the price of the Company's securities.
Specifically, the Complaint alleges that defendants 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 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 value 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, the Company announced that it was going to restate its financial results for 2000, 2001, and the first and second quarters of 2002 due to the Company having improperly accounted for embedded derivatives contained in its annuity reinsurance contracts during those years. The Company's stock plummeted 44% upon this revelation.
In order to serve as lead plaintiff, you must meet certain legal requirements which Chitwood & Harley would be happy to discuss with you. Chitwood & Harley is a class action law firm that represents victims of securities fraud and corporate mismanagement. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in obtaining significant recoveries on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley.
Recently, the federal judge in In re BankAmerica Securities Litigation, which resulted in last year's highest settlement in a securities class action, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel ... have performed at exceptionally high levels, and all parties have been exceedingly well represented."
For more information about Chitwood & Harley, please visit our website at www.classlaw.com or contact Jennifer Morris at 1-888-873-3999 (toll-free), by e-mail at jlm@classlaw.com or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca