|By PR Newswire||
|December 10, 2012 04:28 PM EST||
SAN DIEGO and HARTFORD, Conn., Dec. 10, 2012 /PRNewswire/ -- Shareholder rights firm Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors of The Phoenix Companies, Inc. (NYSE: PNX).
Robbins Umeda LLP is investigating whether officers and directors of Phoenix breached their fiduciary duties to shareholders by permitting and failing to correct insufficient controls and improper procedures that led to the disclosure of false and/or misleading statements.
On November 8, 2012, Phoenix announced that it was postponing the release of its financial results for the quarter ended September 30, 2012. The postponement followed news that the Company's annual and quarterly financial statements, issued between 2009 and 2012, were unreliable and would be restated. The restatement will correct errors in the Company's classification of items on its consolidated statement of cash flows. Specifically, Phoenix will reclassify certain deposits, withdrawals, fees, and interest charges incorrectly reported as cash flows. Following the announcement, Phoenix Companies' stock declined 9.5%, or $2.68 per share, to close at $25.31 on November 8, 2012.
Robbins Umeda LLP highlights that Phoenix shareholders have the option to pursue a shareholder derivative action, through which shareholders aim to hold insider wrongdoers accountable for their actions, prevent future misconduct, and bring long-term value back to the company. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.
Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/the-phoenix-companies-inc/
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SOURCE Robbins Umeda LLP