ATLANTA, April 25, 2003 (PRIMEZONE) -- Chitwood & Harley LLP is plaintiff's counsel in a previously filed class action lawsuit pending in the United States District Court for the Southern District of Ohio, brought on behalf of the purchasers of securities of Provident Financial Group, Inc. ("PFGI" or the "Company") (Nasdaq:PFGI), including capital securities issued by Provident Capital Trust II, between March 30, 1998 and March 5, 2003 (the "Class Period"). Chitwood & Harley LLP reminds investors that there are now only 10 days left within which to file lead plaintiff papers in this matter, if you are interested in doing so. The lead plaintiff deadline is May 5, 2003.
The Complaint alleges that during the Class Period, Provident and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements concerning the Company's reported revenues and earnings. The Complaint alleges that the Company had materially overstated its operating results by failing to properly account for certain off-balance sheet transactions. Specifically, the Company failed to properly account for auto financing leases which caused it to overstate its earnings.
On March 5, 2003, Provident revealed that it had improperly accounted for nine auto lease financing transactions originated in 1997 and 1999 in a manner which inflated its reported earnings from 1997 through 2002, inclusive. The Company further revealed that the transactions were improperly reported as off-balance sheet transactions and that it would be restating its operating results downward for the years 1997 through 2002. In response to this disclosure, the price of Provident common stock plummeted, falling from a March 4, 2003 close of $28.08 per share to $22.46 on March 5, 2003.
Any member of the purported class may move the Court to serve as lead plaintiff through counsel of his or her choice, or may choose to do nothing and remain an absent class member. If you would like to discuss your rights, at no cost and with no obligation, please call Lauren Antonino at 1-888-873-3999, extension 6888 (toll-free) or contact us by e-mail at lsa@classlaw.com. For more information on this class action, you can click on Provident Financial Group on our website, www.classlaw.com.
In order to serve as lead plaintiff, you must meet certain legal requirements which Chitwood & Harley would be happy to discuss with you. Chitwood & Harley is a class action law firm that represents victims of securities fraud and corporate mismanagement. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in obtaining significant recoveries on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley. Recently, the federal judge in In re BankAmerica Securities Litigation, which resulted in last year's highest settlement in a securities class action, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel ... have performed at exceptionally high levels, and all parties have been exceedingly well represented."
For more information about Chitwood & Harley LLP, please visit our website at www.classlaw.com or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca