NEW YORK, Nov. 9, 2012 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Phoenix Companies Inc. (" Phoenix" or the "Company") (NYSE: PNX -News). The investigation focuses on whether the Company and its executives violated federal securities laws by disclosing misguided statements regarding the company's business prospects.
On November 8, 2012, Phoenix Companies Inc. (PNX) fell $2.68 or 9.5% to close at $25.31 after announcing the need to restate its GAAP financial statements for the years ended Dec 31, 2011, 2010 and 2009, the interim periods for 2011, and the first and second quarters of 2012. The restatement will correct certain errors in the consolidated statement of cash flows in those financial statements. The errors consisted of (i) the incorrect classification of deposits and withdrawals of universal life and variable universal life products issued by the Company that were reported as cash flows used in continuing operations and (ii) the incorrect reporting of certain fees and interest charges as cash flows provided by financing activities. The company also announced that it is postponing the announcement of its financial results for the quarter ended September 30, 2012.
If you are aware of any facts relating to this investigation, or purchased shares of Phoenix, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
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.
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