NEW YORK, March 11, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of Ohio on behalf of all purchasers of Provident Financial Group, Inc. ("Provident" or the "Company") (Nasdaq:PFGI) securities between March 30, 1998 and March 5, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Provident's financial results and business prospects. Specifically, the complaint alleges that Provident failed to disclose that the Company inappropriately accounted for certain auto lease financing transactions, thereby materially inflating the Company's reported earnings throughout the Class Period. On March 5, 2003, however, the Company announced that it had improperly accounted for a number of auto lease financing transactions originated between 1997 and 1999 in a manner which inflated reported earnings from 1997 through 2002, inclusive. Moreover, the Company revealed that the transactions were improperly reported as "off-balance sheet" transactions and that it would be restating its operating results for the years 1997 through 2002. Upon this revelation, Provident's common stock fell nearly 20% in a single day.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Provident securities between March 30, 1998 and March 5, 2003, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased Provident securities during the Class Period, you may, not later than May 5, 2003, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.