Business Services Industry
San Diego Law Firm Files Suit against UnumProvident over Stock Valuation.
Knight Ridder/Tribune Business News, February, 2003
Chattanooga Times/Free Press, Tenn. Knight Ridder/Tribune Business News
Feb. 13--A class-action lawsuit has been filed against UnumProvident Corp. alleging the company artificially inflated shares of its stock by issuing false and misleading financial statements.
The suit filed by the San Diego law firm Milberg Weiss said the company failed to properly record an impairment to its investments, causing financial results to be inflated.
Last week, Chattanooga-based UnumProvident announced that it had recorded large investment losses and also reported that it was responding to Securities and Exchange Commission requests for information relating to its investment disclosures. The stock has slid from the $29 range a year ago to close at...
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