NEW YORK, NY / ACCESSWIRE / June 18, 2018 / Pomerantz LLP is investigating claims on behalf of investors of Unum Group ("Unum" or the "Company") (NYSE: UNM). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Unum and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 1, 2018, after the market closed, Unum issued a press release entitled "Unum Group Reports First Quarter 2018 Results," reporting in part that its first quarter 2018 loss ratio for its long-term care business was 96.6%, compared to only 88.6% for the first-quarter of 2017. On May 2, 2018, during a conference call discussing Unum's quarterly results, Unum's Chief Financial Officer John F. McGarry stated, in relevant part, that "[b]enefits experience this quarter was driven by new claim incidence that ran much higher than expected" and that "the higher loss ratio this quarter was negatively impacted by a lower level of policy terminations." McGarry further advised investors that "[w]e continue to experience a high level of volatility in this line and expect it will continue in the future."
Following these disclosures, Unum's share price fell $8.12, or 16.95%, to close at $39.78 on May 2, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
