Second Class Action Lawsuit Brought Against UnumProvidentFeb 14, 2003 | The Chattanoogan A second class action lawsuit is being brought in Federal Court in the Eastern District of Tennessee against UnumProvident in connection with alleged securities violations.
The suit is being handled by attorney Charles J. Piven of Baltimore, Md.
He announced that a securities class action has been commenced on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of UnumProvident Corporation between May 7, 2001 and February 4, 2003, inclusive (the "Class Period").
The case was filed in the United States District Court for the Eastern District of Tennessee against UnumProvident and certain of its officers and directors.
The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities.
The attorney said, "No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the Class, you may move the court no later than April 13, 2003 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements. To be a member of the class, you need not take any action at this time, and you may retain counsel of your choice."
Attorney Piven has filed a number of similar class action lawsuits against corporations - including Rayovac, Mirant, hotel.com and Criti.
A San Diego, Cal., law firm filed a similar lawsuit here.