LITTLE ROCK, Ark., Feb. 16, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it has been retained to file a class action suit against E.W. Blanch Holdings, Inc. (NYSE:EWB) and various corporate officers and directors. The action will be brought on behalf of all persons who purchased shares of the Company during the period of October 19, 1999, through March 20, 2000, inclusive.
The defendants, who will be named in the complaint, are E.W. Blanch Holdings, Inc.; E. W. Blanch Co.; Edgar W. Blanch, Jr., Chairman and Chief Executive Officer of the Company; Chris L. Walker, President and Chief Operating Officer of the Company; Frank S. Wilkinson, Jr., Executive Vice President; and Ian D. Packer, the former Executive Vice President and Chief Financial Officer of the Company.
During the proposed class period, the Company misled investors by stating that it would not likely experience any adverse impact in connection with Unicover. Ultimately, the company revealed that it would be negatively impacted by the Unicover reinsurance scandal and that its earnings per share in the first quarter of 2000 would fall well below projected earnings. The complaint further alleges that during the class period, E. W. Blanch recognized revenue from its Unicover related brokerage business based on one or more reinsurance contracts that were not in force.
The market price of the Company's shares plummeted over 60% throughout the day on March 20, 2000, causing significant losses to persons who purchased shares during the class period. The individual defendants sold over $24.7 million in the Company's stock during the proposed class period.
The lawsuit will attempt to recover damages on behalf of all investors who purchased shares of the Company during the class period.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from 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 must meet certain requirements and take appropriate action by April 13, 2001. You are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP
Client Relations Department:
Sue Null, Charlie Gastineau or Jackie Addison
11311 Arcade Drive, Suite 200
Toll Free: 1-888-551-9944
E-mail: info@classlawyer.com
More information on this and other class actions can be found at www.primezone.com/ca