NEW YORK, June 22, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Unum Group (“Unum” or the “Company) (NYSE: UNM ) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Unum securities between January 31, 2018 and May 2, 2018, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/unm .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Unum was experiencing a higher claims incidence for its long-term care business; (2) Unum was experiencing less favorable policy terminations in connection with its long-term care business; (3) as a result, the Company’s long-term care business loss ratio would reach the upper 90% range; and (4) consequently, 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, Unum revealed that its first quarter 2018 loss ratio for its long-term care business was 96.6%, compared to 88.6% for the first quarter of the previous year. The first quarter 2018 loss ratio also surpassed the Company’s previous projections of 85-90%. Following this news, Unum’s stock dropped $8.12 per share, or roughly 17%, to close at $39.78 per share on May 2, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/unm or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Unum you have until August 13, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
