DOYLESTOWN, Pa., Dec. 19, 2002 (PRIMEZONE) -- Hoffman & Edelson, LLC, plaintiffs' counsel in the first filed class action complaint in the United States District Court, District of Connecticut on behalf of purchasers of the securities of Annuity and Life Re (Holdings), Ltd. ("Annuity and Life" or the "Company") (NYSE:ANR) during the period from February 12, 2001 through November 19, 2002, inclusive (the "Class Period") announces a February 3, 2003 filing deadline for appointment of lead plaintiff in the class action lawsuit. The lawsuit is brought against defendants Annuity and Life, Frederick S. Hammer, Lawrence S. Doyle and John F. Burke.
The Complaint alleges that defendants violated the federal securities laws by issuing a series of materially false and misleading statements and/or concealing material adverse facts throughout the Class Period thereby artificially inflating the price of the Company's securities. Specifically, the Complaint alleges that defendants failed to disclose and/or misrepresented the following adverse facts, among others: (i) that the Company had failed to properly account for embedded derivatives contained in its annuity reinsurance contracts in 2001; (ii) that, since at least 2001, the Company had understated a portion of its liabilities and expenses; (iii) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (iv) that as a result, the value of the Company's balance sheet and financial results were materially overstated at all relevant times.
On November 19, 2002, the last day of the Class Period, the Company announced that it was going to restate its financial results for 2000, 20001 and the first and second quarters of 2002 due to the Company having improperly accounted for embedded derivatives contained in its annuity reinsurance contracts during those years. The Company's stock plummeted 44% upon this revelation.
If you purchased the securities of Annuity and Life during the Class Period, you may, no later than Monday, February 3, 2003, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, you must meet certain legal requirements. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as lead plaintiff. You may retain Hoffman & Edelson, LLC, or other counsel of your choice, to serve as your counsel in this action.
If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, please contact Jerold B. Hoffman or Marc H. Edelson at Hoffman & Edelson, LLC, 45 W. Court Street, Doylestown, PA 18901 at 877-537-6532 (toll free), fax number 215-230-8735 or by e-mail at jhoffman@hofedlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.