NEW YORK, May 3, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at The Phoenix Companies, Inc. ("Phoenix" or the "Company") (NYSE: PNX).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company improperly accounted for certain deposits and withdrawals of universal life and variable universal life products as cash flows used in continued operations; (2) the Company improperly reported certain fees and interest charges as cash flows provided by financing activities; and (3) the Company lacked adequate internal and financial controls.
On November 8, 2012, the Company disclosed that it will restate its previously filed financial statements for the years 2009 through 2011, the interim periods for 2011, and the first and second quarter of 2012 to "correct certain errors relating to the classification of items on the consolidated statement of cash flows in those periods." Following this news, Phoenix stock declined $2.68 per share or nearly 10%, to close at $25.31 per share on November 8, 2012.
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If you invested in Phoenix stock or options between May 5, 2009 and November 7, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/PNX. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Phoenix's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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