Hartford Financial Services hit by investor lawsuit

ShareholdersFoundation.com
PRLog
May 24, 2010


FOR IMMEDIATE RELEASE

PRLog (Press Release)Apr 05, 2010 – An investor in Hartford Financial Services (NYSE:HIG) filed a lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of The Hartford Financial Services Group, Inc. (NYSEL HIG) common stock during the period between December 10, 2007 and February 5, 2009, against  Hartford Financial Services Group over alleged violations of Federal Securities Laws.

If you purchased Hartford Financial Services Group (NYSEL HIG) common stock during the period between December 10, 2007 and February 5, 2009, you have certain options and there are strict and short deadlines running. Deadline: May 28, 2010. Those HIG investors and current long term HIG shareholders should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.

According to the complaint the plaintiff alleges that Hartford Financial Services Group and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between December 10, 2007 and February 5, 2009, materially false and misleading representations regarding its business and prospects, including its capital position, investment risk and hedging program. Then, on February 5, 2009, after the markets closed, Hartford Financial Services Group reported its fourth quarter and 2008 year-end financial results. And while defendants had repeatedly between December 10, 2007 and February 5, 2009 assured the market throughout that its capital position was sound and could fully support its current credit rating, that same day Moody's downgraded Hartford Financial Services Group's long-term senior debt rating and its P&C and life insurance subsidiaries and as a result of this news, Hartford Financial Services Group's shares (HIG) fell from $15.09 on February 5, 2009 to close at $12.68 per share on February 6, 2009, so the complaint.

The Hartford Financial Services Group, Inc., located in Hartford, CT, is an insurance and financial services company. It provides investment products, individual life, group life and group disability insurance products, and property and casualty insurance products in the United States. Hartford Financial Services Group reported in 2007 Total Revenue of $25.916billion with a Net Income of $2.949billion, in 2008 Total Revenue of $9.219billion with a Net Loss of $2.749billion, and in 2009 Total Revenue of $9.219billion with a Net Loss of $887million. Shares of Hartford Financial Services Group (HIG) recently traded at $28.88 per share, down from $63.15 per share in September 2008, over $80 per share in January ’08, and over $100 per share in 2007.

Those who purchased Hartford Financial Services Group (NYSEL HIG) common stock during the period between December 10, 2007 and February 5, 2009, have certain options and there are strict and short deadlines running. Deadline: May 28, 2010. Those HIG investors and current long term HIG shareholders should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.

The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
 
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