NEW YORK, June 12, 2019 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C. is investigating potential claims against certain officers and directors of Unum Group (NYSE: UNM).
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According to the filed complaint, Unum routinely misrepresented the expected range of its long-term care loss ratio, downplaying the likelihood that the company would experience excessive losses and need to take a charge to its reserves. After Unum took modest reserve changes in 2011 and 2014, Unum officials reassured investors that the company’s underlying assumptions were unlikely to lead to future losses.
On May 1, 2018, after the market had closed, Unum issued a press release announcing its first quarter 2018 financial results, and disclosed that, “The interest adjusted loss ratio for the long-term care line of business was 96.6 percent in the first quarter of 2018, compared to the 88.6 percent in the first quarter of 2017.” Following this news, the stock price of Unum fell $8.12 per share, or over 16.9%, to close at $39.78 per share on May 2, 2018.
If you are a long term stockholder of Unum Group, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into Care.com, please go to https://bespc.com/UNM/. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.