NEW YORK, March 7, 2003 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the Middle District of Tennessee on behalf of purchasers of UnumProvident Corporation ("UnumProvident" or the "Company") (NYSE:UNM) common stock during the period May 7, 2001 and February 4, 2003 (the "Class Period").
If you purchased UnumProvident securities during the Class Period, then you may, no later than April 14, 2003, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at www.nyclasslaw.com/join.html.
The Complaint alleges that defendant violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of UnumProvident securities. UnumProvident provides group disability and special risk insurance, as well as group life insurance, long-term care insurance, and payroll-deducted voluntary benefits offered to employees at their worksites. The complaint alleges that during the Class Period, defendants caused UnumProvident's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. The Company failed to properly record the impairment to its investments and operated "long-term denial factories," causing the Company's financial results to be inflated. As a result, the Company's shares traded at inflated prices enabling UnumProvident to raise proceeds of $250 million on June 13, 2002 in its bond offering.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of UnumProvident securities during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. In fact, Bull & Lifshitz, LLP has previously successfully sued UnumProvident on behalf of purchasers of UnumProvident common stock for violations of the federal securities laws which resulted in a settlement of $45 million dollars. For more information regarding Bull & Lifshitz, LLP, please view our website at www.nyclasslaw.com.
For an information package (www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Peter D. Bull, Esq. or Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca. -0- CONTACT: Bull & Lifshitz, LLP Peter D. Bull, Esq. Joshua M. Lifshitz, Esq.,