PHILADELPHIA, March 12, 2003 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the Southern District of Ohio, Western Division, against defendants Provident Financial Group, Inc., ("Provident" or the "Company") (Nasdaq:PFGI), Robert L. Hoverson (President), and Christopher J. Carey (CFO), on behalf of purchasers of the common stock of Provident between March 30, 1998 and March 5, 2003, inclusive (the "Class Period").
The complaint alleges that defendants violated the federal securities laws by issuing a series of materially false and misleading statements to the market between March 30, 1998 and March 5, 2003. Specifically, the suit alleges that Provident filed quarterly and annual financial reports with the SEC which 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 the Company's reported earnings throughout the Class Period. On March 5, 2003, the Company issued a press release admitting that it had improperly accounted for nine auto lease financing transactions originated between 1997 and 1999 in a manner which inflated its reported earnings from 1997 through 2002, inclusive. The Company further revealed that the transactions were improperly reported as "off-balance sheet" transactions and that it would be restating its operating results downward for the years 1997 through 2002. 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 as a result of this disclosure.
If you purchased Provident securities during the Class Period, you may, no later than May 5, 2003, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Provident securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/dbjoinaclassaction.asp. If you would like to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via E-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud . As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.