NEW YORK, July 20, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Manulife Financial Corporation ("Manulife" or the "Company") (NYSE:MFC) securities during the period between March 28, 2008 and June 22, 2009 (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Manulife securities during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by September 8, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint alleges that Manulife made false and misleading statements regarding its ability to manage and control risk. In fact, contrary to the Company's own risk management strategy, Manulife applied no material hedging strategy to manage risk particularly during an economic downturn. The complaint further alleges that, notwithstanding its risk management strategy, Manulife built up a massive stock portfolio, which it chose to leave unhedged. This resulted in a huge decline in the funds available to guaranty the Separate Fund Contract obligations, forcing the Company to raise billions in capital to make up for a widening shortfall in the amount it had promised to pay customers decades from now.