Glancy Prongay & Murray LLP Files a Securities Class Action on Behalf of Unum Group Investors (UNM)
LOS ANGELES--(BUSINESS WIRE)--Jun 13, 2018--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court Eastern District of Tennessee, on behalf of persons and entities that acquired Unum Group (“Unum” or the “Company”) (NYSE: UNM ) securities between January 31, 2018 and May 2, 2018, inclusive (the “Class Period”). Unum investors have until 60 days from the date of this notice to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
Investors that suffered losses on their Unum investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company was experiencing a higher claims incidence for its long-term care business; (2) that the Company was experiencing less favorable policy terminations in connection with its long-term care business; (3) that, as such, the Company’s long-term care business loss ratio would reach the upper 90% range; and (4) that, as a result of the foregoing, Defendants’ statements about Unum’s business, operations, and prospects, including statements related to the Company’s long-term care reserves and capital management plans, were materially false and/or misleading and/or lacked a reasonable basis.
On May 2, 2018, the Company held a conference call to discuss its first quarter 2018 financial results. On the call, Defendant John F. McGarry (“McGarry”), the Company’s Chief Financial Officer (“CFO”) elaborated on the Company’s disclosures in the May 1, 2018 press release, stating “[b]enefits experience this quarter was driven by new claim incidence that ran much higher than expected” and “the higher loss ratio this quarter was negatively impacted by a lower level of policy terminations.”
On this news, the Company’s stock price fell $8.12 per share, or nearly 17%, to close at $39.78 per share on May 2, 2018, on unusually heavy trading volume.
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If you acquired shares of Unum during the Class Period you have 60 days from the date of this notice to file a lead plaintiff motion to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180613006305/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 06/13/2018 07:25 PM/DISC: 06/13/2018 07:25 PM