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Unum Group (UNM)

NYSE:UNUM

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Unum Group To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Unum Group (“Unum” or the “Company”) (NYSE:UNM) of the August 13, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Unum stock or options between October 27, 2016 and May 1, 2018 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Eastern District of Tennessee on behalf of all those who purchased Unum securities between October 27, 2016 and May 1, 2018 (the “Class Period”).  The case, City of Taylor Police and Fire Retirement System v. UNUM Group et al. (TV1), No. 18-cv-00169 was filed on July 25, 2018.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose: (i) that the Company was experiencing a higher claims incidence for its long-term care business; (ii) that the Company was experiencing less favorable policy terminations in connection with its long-term care business; (iii) that the Company had grossly miscalculated the actuarial assumptions underlying its long-term care business; (iv) that premium price hikes could not sustainably offset increasing losses related to the Company’s long-term care business; (v) that the Company was subject to a much greater risk of catastrophic losses and major reserve charges than represented to investors; and (vi) that, as a result of the foregoing, the Company would not be able to maintain its long-term care interest adjusted loss ratio in the 85% to 90% range.

Specifically, On May 2, 2018, the Company held a conference call to discuss its first quarter 2018 financial results. On the call, John F. McGarry (“McGarry”), the Company’s Chief Financial Officer (“CFO”) elaborated on the Company’s disclosures in the May 1, 2018 press release, stating “[b]enefits experience this quarter was driven by new claim incidence that ran much higher than expected” and “the higher loss ratio this quarter was negatively impacted by a lower level of policy terminations.”

After the announcement, Unum’s share price fell from $47.90 per share on May 1, 2018 to a closing price of $39.78 on May 2, 2018—a $8.12 or a 16.95% drop.

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  • Case:
    Unum Group (UNM)
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Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 06/15/2018

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