Market Overview

The Law Offices of Howard G. Smith Reminds Investors of August 13th Deadline in the Class Action Lawsuit Against Unum Group (UNM)

Share:

Law Offices of Howard G. Smith reminds investors of the August
13, 2018 
deadline to file a lead plaintiff motion in the class
action filed on behalf of investors that purchased Unum Group ("Unum" or
the "Company") (NYSE: UNM)
securities between January 31, 2018 and May 2, 2018, inclusive
(the "Class Period"). Unum investors have until August 13,
2018 
to file a lead plaintiff motion.

Investors suffering losses on their Unum investments are encouraged to
contact the Law Offices of Howard G. Smith to discuss their legal rights
in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

The complaint filed in this class action alleges that throughout the
Class Period, Defendants made false and/or misleading statements, as
well as failed to disclose material adverse facts about the Company's
business, operations, and prospects. Specifically, Defendants failed to
disclose: (1) that the Company was experiencing a higher claims
incidence for its long-term care business; (2) that the Company was
experiencing less favorable policy terminations in connection with its
long-term care business; (3) that, as such, the Company's long-term care
business loss ratio would reach the upper 90% range; and (4) that, as a
result of the foregoing, 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, the Company held a conference call to discuss its first
quarter 2018 financial results. On the call, Defendant John F. McGarry
("McGarry"), the Company's Chief Financial Officer ("CFO"), elaborated
on the Company's disclosures in the May 1, 2018 press release, stating
"[b]enefits experience this quarter was driven by new claim incidence
that ran much higher than expected" and "the higher loss ratio this
quarter was negatively impacted by a lower level of policy terminations."

On this news, the Company's stock price fell $8.12 per share, or nearly
17%, to close at $39.78 per share on May 2, 2018, on unusually heavy
trading volume.

If you purchased shares of Unum during the Class Period you may move the
Court no later than August 13, 2018 to ask the Court to
appoint you as lead plaintiff. To be a member of the Class you need not
take any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by
email to howardsmith@howardsmithlaw.com,
or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.

View Comments and Join the Discussion!