The Complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company was experiencing a higher claims incidence for its long-term care business; (2) that the Company was experiencing less favorable policy terminations in connection with its long-term care business; (3) that, as such, the Company’s long-term care business loss ratio would reach the upper 90% range; and (4) that, as a result of the foregoing, Defendants’ statements about Unum’s business, operations, and prospects, including statements related to the Company’s long-term care reserves and capital management plans, were materially false and/or misleading and/or lacked a reasonable basis.
On November 9, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. The consolidated cases shall be captioned "In re Unum Group Securities Litigation." Lead Plaintiff filed a consolidated Complaint on January 15, 2019. Defendants filed a Motion to Dismiss the consolidated Complaint on March 18. On June 1, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice. Lead Plaintiff filed a notice appealing the Court's Dismissal Order on June 26.