LITTLE ROCK, Ark., March 6, 2003 (PRIMEZONE) -- Emerson Poynter LLP, a securities class action trial law firm, announced today that a class action has been filed in the United States District Court for the Middle District of Tennessee on behalf of purchasers of UnumProvident Corporation ("UnumProvident") (NYSE:UNM) publicly traded securities during the period between May 7, 2001 and February 4, 2003 (the "Class Period").
Current shareholders or purchasers of stock during the Class Period may call Emerson Poynter LLP to learn more about the action. Additionally, a copy of the complaint is available from the Court, or can be obtained from the Firm by calling toll-free.
The complaint charges UnumProvident and certain of its officers and directors with violations of the Securities Exchange Act of 1934. UnumProvident provides group disability and special risk insurance, as well as group life insurance, long-term care insurance, and payroll-deducted voluntary benefits offered to employees at their worksites. The complaint alleges that during the Class Period, defendants caused UnumProvident's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. The Company failed to properly record the impairment to its investments and operated "long-term denial factories," causing the Company's financial results to be inflated. As a result, the Company's shares traded at inflated prices enabling UnumProvident to raise proceeds of $250 million on June 13, 2002 in its bond offering.
If you purchased UnumProvident common stock between May 7, 2001 and February 4, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than April 14, 2003. If you are a member of this class, you can join this class action by contacting Emerson Poynter. Any member of the purported class may move the Court to serve as lead plaintiff through Emerson Poynter or other counsel of their choice.
Emerson Poynter has substantial experience representing investors in securities fraud class action lawsuits such as this. The Firm has offices in Houston, Texas and Little Rock, Arkansas, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call toll free or e-mail the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.