Hartford Financial Services Group, Inc.: RU Announces Investigation
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at the Hartford Financial Services Group, Inc. (“Hartford” or the “Company”) (NYSE: HIG). Hartford, through its subsidiaries, provides insurance and financial services in the United States and internationally. The company engages in life, property, and casualty insurance businesses.
Robbins Umeda LLP’s investigation concerns whether the Company’s directors and officers caused the Company to make materially false and misleading representations regarding Hartford’s business and prospects, including its capital position, investment risk, and hedging program. Specifically, the investigation will determine whether the Company’s directors and officers issued false statements representing that Hartford was financially stable throughout 2008.
On February 5, 2009, after the market closed, Hartford reported devastating fourth quarter earnings and 2008 year-end financial results, including that it had a net capital loss in fiscal 2008 of $3.6 billion and a goodwill write-off of $597 million. That same day Moody’s downgraded Hartford’s long-term senior debt rating and the Company’s P&C and life insurance subsidiaries. As a result of this news, Hartford’s shares fell from $14.84 on February 5, 2009, to close at $12.47 per share on February 6, 2009.
If you purchased your shares of Hartford stock prior to December 10, 2007, continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Lauren Levi at 800-350-6003 or by e-mail at email@example.com.
Robbins Umeda LLP is a California-based law firm, which has significant experience representing investors in shareholder derivative actions, securities fraud class actions, and merger-related shareholder class actions. For more information about the firm, please go to http://www.robbinsarroyo.com.