UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF OHIO
WESTERN DIVISION
JACK MERZIN, Individually and On Behalf of All
Others Similarly Situated, ) CIVIL ACTION NO. e-1
Plaintiff,
VS. ; CLASS ACTION COMPLAINT
) FOR VIOLATIONS OF
PROVIDENT FINANCIAL GROUP INC., ) FEDERAL SECURITIES
CHRISTOPHER J. CAREY, ALLEN L. DAVIS,
ROBERT L. HOVERSON and JOHN R. ;
FARRENKOPF, ) JURY TRIAL DEMANDED
Defendants ;
1
Plaintiff has alleged the following based upon the investigation of
counsel, which included a review of United States Securities and Exchange Commission
filings by Provident Financial Group, Inc. ("Provident" or the "Company"), as well as
filings and reports, securities analysts' reports and advisories about the Company, press
and other public statements issued by the Company, and media reports about the Company,
plaintiff believes that substantial additional evidentiary support will exist for the
forth herein after a reasonable opportunity for discovery.
NATURE OF THE ACTION
1. This is a federal class action on behalf of purchasers of the securities
between April 14,199s and March 4,2003, inclusive (the "Class Period"), seeking to pursue
remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
JURISDICTION AND VENUE
2. The claims asserted herein arise under and pursuant to Sections 10(b) and
SNIPPETS:
Plaintiff has alleged the following based upon the investigation of plaintiffs
which included a review of United States Securities and Exchange Commission
filings by Provident Financial Group, Inc., as well as regulatory
filings and reports, securities analysts' reports and advisories about the Company, press
This is a federal class action on behalf of purchasers of the securities of Provident
remedies under the Securities Exchange Act of 1934.
This Court has jurisdiction over the subject matter of this action pursuant to 28
Defendant Provident is a Ohio corporation with its principal place of business
Defendants Carey, Hoverson, Davis and Farrenkopf are collectively referred
purposes and to presume that the false, misleading and incomplete information conveyed in the
so that the market price of the Company's publicly-traded common stock
and were aware of their materially false and misleading nature.
other members of the Class to purchase Provident common stock at artificially inflated prices.
On March 5,2003, before the open of the market, Provident shocked the market
The restatement announced today is attributable solely to errors in the accounting for the
for the second quarter of 1997, the period ending March 3 1, 1997.
reported earnings of $28.2 million,
This was an exciting period for Provident, We accomplished a number of strategic initiatives
1, 1998, were repeated in the Company's Report on Form 1 O-Q filed with the SEC on or about
Defendant Hoverson commented on the
May 17, 1999, which was signed by defendant Carey.
statements and omitting to disclose material facts necessary to make defendants' statements,
and misleading in that they failed to disclose material adverse information and misrepresented
the material misrepresentations and omissions particularized
in the issuance or dissemination of such statements or documents as primary violations of the
Plaintiff repeats and realleges each and every allegation contained above as if fully
participation in the making of, untrue statements of material facts and omitting to state
|
