SAN DIEGO & CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Unum Group (NYSE: UNM) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between January 31, 2018 and May 2, 2018. Unum, together with its subsidiaries, provides financial protection benefit solutions in the United States, the United Kingdom, and internationally.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/unum-group
Unum Accused of Making False Statements About Its Long-Term Care Reserves
According to the complaint, throughout the class period, Unum failed to disclose that the company was experiencing a higher claims incidence and less favorable policy terminations in connection with its long-term care business. Unum revealed the extent of its troubles on May 1, 2018, when the company reported that its first quarter 2018 loss ratio for its long-term care business was a disappointing 96.6%, compared to only 88.6% for the first quarter of 2017. During a conference call on May 2, 2018, Unum officials elaborated on the substandard results, stating that new claim incidence ran much higher than expected and that the higher loss ratio was negatively impacted by a lower level of policy terminations. On this news, Unum's stock fell nearly 17% to close at $39.78 per share on May 2, 2018.
Unum Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.