The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. On May 1, 2018, Unum issued a press release titled, "Unum Group& Reports First Quarter 2018 Results," which included the fact that the loss ratio for the Company's long-term care division was 96.6% in the first quarter of 2018, as opposed to 88.6% for the first quarter of 2017. On May 2, 2018, Unum's Chief Financial Officer, John F. McGarry, stated, "benefits experience this quarter was driven by new claim incidence that ran much higher than expected," adding that "the higher loss ratio this quarter was negatively impacted by a lower level of policy terminations." McGarry also said, "we continue to experience a high level of volatility in this line and expect it will continue in the future." Based on the press release and subsequent call, Unum's share price fell 16.95%, or $8.12 per share, to close at $39.78 on May 2, 2018.
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