PHILADELPHIA, April 9, 2008 (Lawfuel) — The law firm of Spector
Roseman & Kodroff, P.C. announces that it has begun an investigation
into the PMI Group, Inc. (“PMI” or the “Company”) (NYSE:PMI) for
potential violations of the Employee Retirement Income Security Act of
1974. The investigation focuses on investments in the PMI Savings and
Profit Sharing Plan.
Spector Roseman & Kodroff’s investigation involves concerns that
administrators of the Plan may have breached their fiduciary duties to
Plan participants and beneficiaries. A breach of fiduciary duties occur
when fiduciaries fail to manage the assets of the Plan in the sole
interest of the plan participants by investing the assets in Company
stock when it was no longer a prudent investment for participants’
retirement savings.
Specifically, PMI and the Plan’s other fiduciaries continued to invest
in and hold PMI stock in the Plan despite the Company making materially
false and misleading statements regarding its business and financial
results. As a result of the Company’s false statements, PMI stock
traded at artificially inflated prices during the Class Period but
later declined substantially. The Plan fiduciaries maintained a large
investment of Plan assets in Company stock at a time when they should
have known that it was an unsuitable investment. PMI employees who had
most of their Plan assets in Company stock have incurred a huge loss in
their retirement investment.
If you are a participant in the PMI Savings and Profit Sharing Plan,
you can contact Spector Roseman & Kodroff, P.C. at
classaction@srk-law.com for a more thorough explanation of the
investigation and how you may have been harmed. You may also call
Robert M. Roseman or Ted Lieverman at the firm’s toll-free number,
888-844-5862. Even if you have relatively small losses, a class action
lawsuit can protect your rights at no cost to you.
Spector Roseman & Kodroff, P.C., a Philadelphia, Pennsylvania law firm,
concentrates its practice in class action and complex litigation,
including actions dealing with securities laws, antitrust, contract and
commercial claims, and labor and employment. The firm is active in
major litigation pending in federal and state courts throughout the
United States, including claims for participants of employee benefit
funds under ERISA and other laws. The firm’s reputation for excellence
has been recognized on repeated occasions by courts which have
appointed the firm as lead counsel in numerous major class actions. As
a result of the efforts of the firm, billions of dollars have been
recovered through judgments and settlements on behalf of injured class
members.
