NEW YORK, April 26, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action has been filed in the United District Court for the District of Connecticut on behalf of purchasers of securities of The Phoenix Companies ("Phoenix" or the "Company") (NYSE:PNX). The complaint charges that Phoenix and certain of its officers and directors violated federal securities laws.
If you purchased Phoenix between May 5, 2009 and November 7, 2012, you may, no later than June 17, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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.
If you purchased Phoenix between May 5, 2009 and November 7, 2012, and want more information about the Phoenix Class Action, please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com.
You may, no later than June 17, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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 throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company improperly classified certain deposits and withdrawals of universal life and variable universal life products as part of its cash flows used in continued operations; (ii) the Company improperly reported certain fees and interest charges as cash flows provided by financing activities; (iii) the Company lacked adequate internal and financial controls; and (iv) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On November 8, 2012, the Company disclosed that it will restate its previously filed financial statements for the years 2009 through 2011, the interim periods for 2011, and the first and second quarter of 2012 to "correct certain errors relating to the classification of items on the consolidated statement of cash flows in those periods." Following this news, Phoenix stock declined $2.68 per share or nearly 10%, to close at $25.31 per share on November 8, 2012.
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