Hertford (LSE:HIG)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Hertford Charts. Click Here for more Hertford Charts.](/p.php?pid=staticchart&s=L%5EHIG&p=8&t=15)
Shepherd, Finkelman, Miller & Shah, LLC Files Securities Class
Action on Behalf of Purchasers of Securities of The Hartford Financial Services
Group, Inc.
HARTFORD, Conn., Oct. 21 /PRNewswire/ -- Shepherd, Finkelman, Miller & Shah,
LLC (http://www.classactioncounsel.com/; e-mail: ), a law firm with offices in
Connecticut, Pennsylvania, New Jersey and Florida, announced today that it has
filed a class action on behalf of all purchasers of the stock and other
publicly- traded securities of The Hartford Financial Services Group, Inc.
(NYSE: HIG - News; "The Hartford" or the "Company") from November 5, 2003
through October 13, 2004 inclusive (the "Class Period").
The Complaint charges The Hartford, Ramani Ayer, David M. Johnson, David K.
Zwiener, Robert J. Price and Thomas M. Marra with violations of Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder. A copy of the Complaint filed in this action can be obtained from
the Court (Case No. 3:04-cv-1764-SRU), you can call our offices toll free at
either 866/540-5505 or 877/891-9880 to speak with an attorney regarding this
matter and obtain a copy of the Complaint or you can e-mail us () and we will
send you a copy of the Complaint.
The Complaint specifically alleges that the Company failed to disclose and
misrepresented the following material adverse facts which were known to
Defendants or recklessly disregarded by them: (1) the Company entered into and
concealed illegal contingent commission agreements that it entered into with
other insurance companies, including Marsh, Inc., a subsidiary of Marsh &
McLennan, Inc.; (2) the Company engaged in bid-rigging whereby the Company
agreed to provide brokers with artificial quotes which were not justified by
underwriting analysis; (3) as a result of the bid-rigging, the Defendants
guaranteed The Hartford material amounts of business; (4) by concealing these
"contingent commissions" and such "contingent commission agreements,"
Defendants violated applicable principles of fiduciary law; and (5) as a
result, the Company's prior reported revenue and income was grossly overstated.
On October 14, 2004, New York Attorney General Eliot Spitzer ("Spitzer") filed
a suit against Marsh & McLennan, Inc., alleging that it steered unsuspecting
clients to insurers with whom it had lucrative payoff agreements, and that the
firm solicited rigged bids for insurance contracts. Spitzer's Complaint also
named The Hartford as an alleged participant in bid-rigging. On these
revelations, the Company's shares fell $3.78 per share, or 6.08 percent, to
close at $58.40 per share on unusually high trading volume on October 14, 2004.
By October 15, 2004, shares of The Hartford fell another $2.10 per share, or
3.60 percent, to close at $56.30 per share.
If you purchased the common stock or other publicly-traded securities of The
Hartford between November 5, 2003 through October 13, 2004, inclusive, you may
qualify to serve as a lead plaintiff on behalf of the Class. All motions for
appointment as a lead plaintiff must be filed with the Court no later than
December 14, 2004. Any member of the proposed Class may move the Court to
serve as lead plaintiff in this action through counsel of his or her choice, or
may remain an absent class member. There are certain legal requirements to
serve as lead plaintiff, which we would be pleased to discuss with you.
Please contact James E. Miller, Esquire (866/540-5505; ), or James C. Shah,
Esquire (877/891-9880; ), if you would like to discuss this action or have any
question regarding this notice or your rights.
Shepherd, Finkelman, Miller & Shah, LLC (http://www.classactioncounsel.com/) is
a national law firm that represents investors, including institutions and
individuals, as well as consumers in class action and other complex litigation,
and maintains offices in Connecticut, Florida, New Jersey and Pennsylvania.
The firm's attorneys have appeared in matters on behalf of our clients
throughout the United States and have been appointed lead counsel in a number
of class actions and corporate governance matters.
DATASOURCE: Shepherd, Finkelman, Miller & Shah, LLC
CONTACT: James E. Miller, Esquire, +1-866-540-5505,
, or James C. Shah, Esquire, +1-877-891-9880,
both of Shepherd, Finkelman, Miller & Shah, LLC
Web site: http://www.classactioncounsel.com/