BALA CYNWYD, Pa., March 11, 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of Provident Financial Group, Inc. ("Provident" or the "Company") (Nasdaq:PFGI) between April 14, 1998 and March 4, 2003, inclusive (the "Class Period").
The case is pending in the United States District Court for the Southern District of Ohio, Western Division, against the company and certain of its officers and directors. The complaint alleges that by issuing a series of materially false and misleading statements to the market regarding Provident's business and financial condition, between April 14, 1998 and March 4, 2003, defendants Provident, Robert L. Hoverson (President) and Christopher J. Carey (CFO) violated the Securities Exchange Act of 1934.
The complaint alleges, inter alia, that financial reports filed with the SEC during the Class Period were materially false and misleading because they failed to disclose that the Company had improperly accounted for certain auto lease financing transactions, thereby materially inflating Provident's reported earnings throughout the Class Period. These facts came to light on March 5, 2003, when the Company announced that Provident had improperly accounted for nine auto lease financing transactions originating between 1997 and 1999 in a manner which inflated its reported earnings from 1997 through 2002, inclusive. In response, the price of Provident common stock plummeted, falling 20% in one day, from a March 4, 2003 close of $28.08 per share to $22.46 on March 5, on unusually heavy trading volume.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased the stock listed above during the Class Period, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you were a purchaser of this stock between April 14, 1998 and March 4, 2003 and want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca