LOS ANGELES--(BUSINESS WIRE)--
The Law Offices of Todd M. Garber announces that it is investigating potential claims on behalf of shareholders of The Phoenix Companies, Inc. (“Phoenix” or the “Company”) (PNX) concerning possible breaches of fiduciary duties by the Company or its fiduciaries.
Phoenix, through its subsidiaries, provides life insurance and annuity products through independent agents and financial advisors in the United States. The investigation is related to allegations that the Company improperly classified certain deposits and withdrawals of universal life and variable universal life products as part of its cash flows used in continued operations, and improperly reported certain fees and interest charges as cash flows provided by financing activities.
On November 8, 2012 Phoenix issued a press release announcing that the Company will restate its GAAP financial statements for the years ended December 31, 2011, 2010 and 2009, the interim periods for 2011, and the first and second quarters of 2012 to “correct certain errors relating to the classification of items on the consolidated statement of cash flows in these prior periods.”
If you purchased Phoenix shares and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Todd M. Garber, Attorney at Law
Los Angeles, California