NEW YORK, April 18, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of Connecticut on behalf of investors who purchased The Phoenix Companies, Inc. ("Phoenix" or "the Company") (NYSE:PFX) stock between May 5, 2009 and November 6, 2012.
For more information, click here: http://zlk.9nl.com/phoenix-companies-pfx/.
The complaint alleges that during the class period defendants made materially false and misleading statements regarding the Company's business, operational, and compliance policies. In particular, it is alleged that the Company: (a) improperly classified certain deposits and withdrawals of universal and variable life products as part of its cash flows used in continued operations; (b) improperly reported certain fees and interest charges as cash flows provided by financing activities; (c) lacked adequate internal and financial controls; and (d) as a result of the aforementioned, the Company's financial statements were materially false and misleading at all relevant times.
On November 8, 2012, the Company announced it would restate its previously filed financial statements for the years 2009 and 2011, interim periods of 2011, and the first and second quarter of 2012.
If you suffered a loss in Phoenix you have until June 17, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/phoenix-companies-pfx/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP