Securities Class Action Lawsuit Filed Against UNUMProvident Corp.

Strategic Insights -

A securities class action lawsuit was filed against UNUMProvident Corp., Inc. and certain officers and directors on behalf of shareholders who purchased shares during the period from February 4, 1998, to August 2, 1999. The complaint alleges that defendants made false and misleading statements in press releases and SEC filings, violating federal securities laws. The law firms of Wechsler Harwood Halebian & Feffer LLP and Bull & Lifshitz, LLP represent the plaintiffs in this case.

Key Takeaways:

  • The lawsuit was filed on September 30, 1999, in the United States District Court for the District of Maine against UNUMProvident Corp. and certain officers and directors.
  • The class action alleges that defendants made false and misleading statements in press releases, filings with the Securities and Exchange Commission, including the Joint Proxy.
  • The complaint cites violations of Sections 10(b), 14(a), and 20 of the Securities Exchange Act of 1934, as amended, and Sections 11, 12(2), and 15 of the Securities Act of 1933, as amended.
  • Shareholders who purchased shares of UNUMProvident, UNUM, or Provident during the Class Period (February 4, 1998, to August 2, 1999) or were issued UNUMProvident shares for their UNUM or Provident shares may be eligible to move for lead plaintiff by November 30, 1999.
  • The lawsuit is represented by Wechsler Harwood Halebian & Feffer LLP and Bull & Lifshitz, LLP.

Statistics:

  • The Class Period spanned from February 4, 1998, to August 2, 1999.
  • A total of 18 months elapsed during the Class Period.
  • UNUMProvident Corp's stock was listed on the New York Stock Exchange under the ticker symbol (NYSE: UNM).
  • The lawsuit was filed on September 30, 1999, with a deadline for lead plaintiff designation of November 30, 1999.

Sources:

  • "Notice of Class Action Lawsuit" by Wechsler Harwood Halebian & Feffer LLP, dated September 30, 1999.
  • "Class Action Lawsuit Filed Against UNUMProvident Corp. and Certain Officers and Directors", Wechsler Harwood Halebian & Feffer LLP, September 30, 1999.