2009-07-06 17:15:18 - Investigation on behalf of certain investors of Manulife Financial Corporation (USA) (Public, NYSE:MFC) over possible securities law violations by Manulife Financial Corp announced – Contact the Shareholders Foundation, Inc at mail@shareholdersfoundation.com
SAN DIEGO, CA (Shareholders Foundation) – An investigation on behalf of long term MFC investors and investors, who purchased common stock of Manulife Financial Corp (NYSE:MFC) during the period from January 1, 2008 through June 19, 2009, over possible claims for the violation of the federal securities laws by Manulife Financial was announced.If you are a long term investor in MFC and / or purchased common stock of Manulife Financial Corp (NYSE:MFC) during the period from January 1, 2008 through June 19, 2009, you have certain options and you should contact the Shareholders Foundation, Inc. at Email: mail(at)shareholdersfoundation.com or call us at: +1 (858) 779 - 1554. According to the investigation by a law firm the investigation focuses on allegations that Manulife Financial “failed to fully disclose the risk with respect to its sale of variable annuity guarantees and its segregated fund businesses”.
Manulife Financial has been forced to support the guarantees on these products with increased cash reserves and has suffered huge losses in the 4th quarter of 2008 and the first quarter of 2009, so the investigation. On June 19, 2009, after the market closed, Manulife Financial announced that it received an enforcement notice from the Ontario Securities Commission relating to Manulife’s disclosure of risks concerning its variable annuity guarantee and segregated funds business.
The Ontario Securities Commission notice indicated that the preliminary conclusion of Ontario Securities Commission staff was that Manulife Financial failed to meet its continuous disclosure obligations related to its exposure to market price risk in its segregated funds and variable annuity guaranteed products.
Manulife Financial Corporation, located in Toronto, Canada, is a life insurance company and the holding company of The Manufacturers Life Insurance Company. Manulife Financial Corp is a global provider of financial protection and wealth management products and services, including individual life insurance, group life and health insurance, long-term care insurance, pension products, annuities and mutual funds.
Manulife Financial reported Total Revenue of $35.581billion with a Net Change in Cash of $1.538billion in 2007 and Total Revenue of $33.003billion with Net Change in Cash of $4.924billion in 2008. Shares of Manulife Financial (NYSE:MFC) closed on June 19, 2009 before the announcement at $20.57 per share and dropped to under $17 per share the following day. Shares of Manulife Financial reached a 52weekHigh of $38.44 per share and $46.00 per share in 2007.
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