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Hartford Financial Services Group Inc (The) (NYSE: HIG) Investor Securities Class Action Lawsuit 03/31/2010

  • If you purchased shares of Hartford Financial Services Group Inc (The) (NYSE: HIG), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Hartford Financial Services Group Inc.
Security
NYSE: HIG

Case Name
Hartford Financial Services Group Shareholders Class Action Lawsuit 03/31/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
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Summary

September 16, 2011 - The court granted the defendants' motion to dismiss with prejudice.
December 20, 2010 - A motion to dismiss the corrected amended complaint was filed.

November 5, 2010 - A corrected amended complaint was filed.

October 8, 2010 - An amended complaint was filed.

March 31, 2010 - An investor in shares of Hartford Financial Services Group Inc (The) (NYSE: HIG) filed a lawsuit in the U.S. District Court for the Southern District of New York against Hartford Financial Services Group Inc (The) over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 10, 2007 and February 5, 2009.

According to the complaint the plaintiff alleges that Hartford Financial Services Group Inc (The) and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between December 10, 2007 and February 5, 2009, materially false and misleading representations regarding its business and prospects, including its capital position, investment risk and hedging program. Then, on February 5, 2009, after the markets closed, Hartford Financial Services Group reported its fourth quarter and 2008 year-end financial results. And while defendants had repeatedly between December 10, 2007 and February 5, 2009 assured the market throughout that its capital position was sound and could fully support its current credit rating, that same day Moody's downgraded Hartford Financial Services Group Inc (The)'s long-term senior debt rating and its P&C and life insurance subsidiaries and as a result of this news, Hartford Financial Services Group Inc (The)'s shares (HIG) fell from $15.09 on February 5, 2009 to close at $12.68 per share on February 6, 2009, so the complaint.

Hartford Financial Services Group Inc (The), located in Hartford, CT, is an insurance and financial services company. It provides investment products, individual life, group life and group disability insurance products, and property and casualty insurance products in the United States. Hartford Financial Services Group Inc (The) reported in 2007 Total Revenue of $25.916billion with a Net Income of $2.949billion, in 2008 Total Revenue of $9.219billion with a Net Loss of $2.749billion, and in 2009 Total Revenue of $9.219billion with a Net Loss of $887million. Shares of Hartford Financial Services Group (HIG) recently traded at $28.88 per share, down from $63.15 per share in September 2008, over $80 per share in January ’08, and over $100 per share in 2007.