RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Unum Group (NYSE: UNM) (“Unum” or the “Company”) on behalf of purchasers of the Company’s securities between January 31, 2018 and May 2, 2018, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased Unum securities during the Class Period may, no later than August 13, 2018, seek to be appointed as a lead plaintiff representative of the investor class. Unum investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 to discuss their important legal rights and options with respect to this action. Investors may also sign up with the firm and receive additional information at http://kaskelalaw.com/case/unum-group/.
As detailed in the shareholder class action complaint, Unum and certain of its executive officers are alleged to have made false and misleading statements and/or failed to disclose the following material adverse facts to investors during the Class Period: (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; and (3) that the Company’s long-term care business loss ratio would reach the upper 90% range.
After the Company reported its Fiscal 2018 First Quarter financial and operational results, on May 2, 2018, Unum’s CFO disclosed 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.” Following this news, shares of the Company’s stock declined $8.12 per share, or nearly 17%, to close on May 2, 2018 at $39.78.
Unum investors are encouraged to contact Kaskela Law LLC to discuss this action and their important legal rights and options. Investors may also sign up with the firm and receive additional information at http://kaskelalaw.com/case/unum-group/. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.