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May 3, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at The Phoenix Companies, Inc. ("
Phoenix" or the "Company") (NYSE: PNX).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company improperly accounted for certain deposits and withdrawals of universal life and variable universal life products as cash flows used in continued operations; (2) the Company improperly reported certain fees and interest charges as cash flows provided by financing activities; and (3) the Company lacked adequate internal and financial controls.
November 8, 2012, the Company disclosed that it will restate its previously filed financial statements for the years 2009 through 2011, the interim periods for 2011, and the first and second quarter of 2012 to "correct certain errors relating to the classification of items on the consolidated statement of cash flows in those periods." Following this news,
Phoenix stock declined
$2.68 per share or nearly 10%, to close at
$25.31 per share on
November 8, 2012.
Request more information now by clicking here: www.faruqilaw.com/PNX. There is no cost or obligation to you.Take Action
If you invested in
Phoenix stock or options between
May 5, 2009 and
November 7, 2012 and would like to discuss your legal rights, visit
www.faruqilaw.com/PNX. You can also contact us by calling
Richard Gonnello or
Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding
Phoenix's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (
www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.FARUQI & FARUQI, LLP369 Lexington Avenue, 10th Floor
New York, NY 10017Attn:
Richard Gonnello, Esq.email@example.comFrancis McConville, Esq.firstname.lastname@example.org Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP