An investigation for investors in The Phoenix Companies, Inc. (NYSE:PNX) shares over potential securities laws violations by The Phoenix Companies, Inc. was announced and NYSE:PNX stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 11/13/2012 -- An investigation on behalf of investors of The Phoenix Companies, Inc. (NYSE:PNX) shares over potential securities laws violations by The Phoenix Companies, Inc. and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of The Phoenix Companies, Inc. (NYSE:PNX), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of The Phoenix Companies, Inc. (NYSE:PNX) concerning whether a series of statements by The Phoenix Companies, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
The Phoenix Companies, Inc. reported that its annual Revenue fell from over $1.98 billion in 2010 to over $1.84 billion in 2011. However, The Phoenix Companies, Inc. reported that its Net Income rose over the respective time periods from $26.30 million to $47.70 million.
Effective after the close of trading on August 10, 2012, Phoenix Companies, Inc. implemented 1-for-20 reverse stock split.
Then, on November 8, 2012, Phoenix Companies Inc. announced it is postponing the release of its third quarter 2012 financial results and conference call scheduled. Phoenix Companies Inc. also disclosing that it 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.
Shares of The Phoenix Companies, Inc. (NYSE:PNX) declined from $29.77 per share on November 6th to as low as $24.14 per share on November 9, 2012.
Those who purchased shares of The Phoenix Companies, Inc. (NYSE:PNX), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com