NEW YORK, May 3, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against The Phoenix Companies, Inc. ("Phoenix" or the "Company") (NYSE:PNX) and certain of its officers. The class action filed in United States District Court, District of Connecticut, and docketed under 13-CV-547-RNC, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Phoenix between May 5, 2009 and November 6, 2012, both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Phoenix securities during the Class Period, you have until June 17, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Phoenix is the holding company of Phoenix Life Insurance Company. The Company provides life insurance and annuities products for the accumulation, preservation, and transfer of wealth. The Phoenix Companies offer a broad portfolio of products and services to high-net-worth individuals, and institutions.
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."
On this news, Phoenix stock declined $2.68 per share or nearly 10%, to close at $25.31 per share on November 8, 2012.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP email@example.comSource:Pomerantz Grossman Hufford Dahlstrom & Gross LLP