STEVENSON, Md., April 19, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Connecticut on behalf of purchasers of The Phoenix Companies, Inc. ("Phoenix" or the "Company") (NYSE:PNX) common stock during the period between May 5, 2009 and November 6, 2012, inclusive (the "Class Period").
If you have suffered a net loss from investment in The Phoenix Companies, Inc. common stock purchased on or after May 5, 2009, and held through November 6, 2012, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 17, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that 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, and that the Company improperly reported certain fees and interest charges as cash flows provided by financing activities. According to the Complaint, following Phoenix's November 8, 2012 disclosure that the Company would 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, the value of Phoenix shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation