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Phoenix Companies Inc (The) (NYSE: PNX) Investor Securities Class Action Lawsuit 04/17/2013

  • If you purchased shares of Phoenix Companies Inc (The) (NYSE: PNX), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
The Phoenix Companies, Inc.
Security
NYSE: PNX

Case Name
Phoenix Companies Shareholder Class Action Lawsuit 04/17/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Connecticut

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 2, 2014 - The court denied as moot defendants' motion to dismiss.
May 30, 2014 - Parties filed a stipulation of dismissal with prejudice.

January 15, 2014 - Defendants filed a motion to dismiss.

November 1, 2013 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Phoenix Companies Inc (The) (NYSE: PNX) common shares between May 5, 2009 and August 14, 2013. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 5, 2009 and August 14, 2013.

July 15, 2013 - The lead plaintiff and lead counsel were appointed.

June 17, 2013 - A lead plaintiff motion was filed.

April 17, 2013 - An investor in shares of Phoenix Companies Inc (The) (NYSE: PNX) filed a lawsuit in the U.S. District Court for the District of Connecticut against Phoenix Companies Inc (The) over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 5, 2009 and November 6, 2012.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Phoenix Companies Inc (The) (NYSE: PNX) between May 5, 2009 and November 6, 2012, that Phoenix Companies Inc (The) and certain of its officers violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements regarding the Company's business, operational and compliance policies.

Phoenix Companies Inc (The) reported that its annual Revenue fell from over $1.98 billion in 2010 to over $1.84 billion in 2011. However, Phoenix Companies Inc (The) reported that its Net Income rose over the respective time periods from $26.30 million to $47.70 million.

Effective after the close of trading on August 10, 2012, Phoenix Companies Inc (The) implemented 1-for-20 reverse stock split.

Then, on November 8, 2012, Phoenix Companies Inc (The) announced it is postponing the release of its third quarter 2012 financial results and conference call scheduled. Phoenix Companies Inc (The) also disclosed that it will restate its GAAP financial statements for the years ended December 31, 2011, 2010 and 2009, the interim periods for 2011, and the first and second quarters of 2012.

Shares of Phoenix Companies Inc (The) (NYSE: PNX) declined from $29.77 per share on November 6, 2012 to as low as $24.14 per share on November 9, 2012.

On April 17, 2013, Phoenix Companies Inc (The) (NYSE: PNX) shares closed at $27.76 per share, which is significantly below its current 52 week High of $43.60 per share.