Financial Services Industry
Industry: Email Alert RSS FeedUnumProvident faces prospect of a securities suit. (Litigation).(in the U.S. District Court for the Eastern District of Tennessee)(Brief Article)
National Underwriter Life & Health-Financial Services Edition, March, 2003 by De Simone, Marcella
Levy and Levy P.C., Stamford, Conn., a law firm, is trying to organize a class-action lawsuit against UnumProvident Corp., Chattanooga, Tenn., in the U.S. District Court for the Eastern District of Tennessee.
Levy and Levy is seeking court permission to represent investors who bought UnumProvident securities between May 7, 2001, and Feb. 4, 2003.
The firm's complaint accuses the disability insurer of violating the Securities Exchange Act of 1934 by using false and misleading statements about troubled investments to inflate its share price.
Inflated share prices helped UnumProvident raise $250 million through a June 13, 2002, bond offering, the law firm alleges in the complaint.
UnumProvident announced Feb. 5 that it bad recorded...
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