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Case Status:    ONGOING    
On or around 04/16/2014 (Ongoing date of last review)

Filing Date: April 17, 2013

According to the Complaint, Phoenix is the holding company of Phoenix Life Insurance Company. The Company provides life insurance and annuities products for the accumulation, preservation, and transfer of wealth. The Phoenix Companies offer a broad portfolio of products and services to high-net-worth individuals, and institutions.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company improperly classified certain deposits and withdrawals of universal life and variable universal life products as part of its cash flows used in continued operations; (ii) the Company improperly reported certain fees and interest charges as cash flows provided by financing activities; (iii) the Company lacked adequate internal and financial controls; and (iv) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On 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." On this news, Phoenix stock declined $2.68 per share or nearly 10%, to close at $25.31 per share on November 8, 2012.

On July 15, 2013, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. The Lead Plaintiff filed a consolidated and amended complaint on November 1st.

COMPANY INFORMATION:

Sector:
Industry:
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PNX
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Connecticut
DOCKET #: 13-CV-00547
JUDGE: Hon. Robert N. Chatigny
DATE FILED: 04/17/2013
CLASS PERIOD START: 05/05/2009
CLASS PERIOD END: 11/06/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Elstein and Elstein, P.C.
    1087 Broad Street Suite 400, Elstein and Elstein, P.C., CT 06604
    203.367.4421 203.366.8615 ·
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: D. Connecticut
DOCKET #: 13-CV-00547
JUDGE: Hon. Robert N. Chatigny
DATE FILED: 11/01/2013
CLASS PERIOD START: 05/05/2009
CLASS PERIOD END: 08/14/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Elstein and Elstein, P.C.
    1087 Broad Street Suite 400, Elstein and Elstein, P.C., CT 06604
    203.367.4421 203.366.8615 ·
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date