LOS ANGELES, June 16, 2003 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Southern District of New York on behalf of all purchasers of UnumProvident Corporate-Backed Trust Securities ("CorTS") Certificates pursuant to or traceable to an initial public offering by CorTS Trust II For Provident Financing Trust I (NYSE:KCC) on or about April 18, 2001 through March 24, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The action charges violations of the Securities and Exchange Act of 1934 against CorTS Trust II For Provident Financing Trust I, Provident Financing Trust I, UnumProvident Corporation ("UnumProvident") (NYSE:UNM), Salomon Smith Barney, Prudential Securities, First Union Securities and certain UnumProvident officers, including its Chief Executive and Chief Financial Officers. UnumProvident is a provider of group and individual disability insurance, as well as other complementary insurance products such as long-term care insurance, life insurance, employer- and employee-paid group benefits and related services. Through its principal subsidiaries, including Unum Life Insurance Company of America, Provident Life and Accident Insurance Company, The Paul Revere Life Insurance Company, and Colonial Life & Accident Insurance Company, UnumProvident Corporation operates throughout North America and in the United Kingdom, Japan and Argentina.
At the beginning of the Class Period, on or about April 18, 2001, CorTS Certificates were issued by CorTS Trust II For Provident Financing Trust I, with issuance and payment of Certificates ultimately guaranteed by UnumProvident. Yet, throughout the Class Period, UnumProvident failed to properly account for long-term investment impairments, thereby grossly inflating financial results. On February 5, 2003 UnumProvident announced recorded investment losses of $93 million and an inquiry by the SEC requesting information relating to its investment disclosures.
Later, on March 11, 2003, following a series of negative analyst reports and increasing investor concerns over UnumProvident's losses, the price of CorTS Certificates fell to as low as $12.60. On March 24, 2003, UnumProvident revealed the truth that its previously issued financial statements were, in fact, materially inaccurate and misleading, and a restatement of its financial statements for previous years would be required. Payment of CorTS certificates was imperiled by UnumProvident's materially false and misleading actions, thereby jeopardizing the value of CorTS Certificates.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than July 8, 2003, 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 your rights or interests with respect to these matters, please contact Lionel Z. Glancy, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.