Securities and Exchange Commission
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 21, 2003
PENN TREATY AMERICAN CORPORATION
------------------ ---------------------------------
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 0-15972 23-1664166
----------------------------- ------------------- -----------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
3440 Lehigh Street
ALLENTOWN, PENNSYLVANIA 18103
------------------ ------------------------------
(Address of principal executive offices) (Zip Code)
(610) 965-2222
------------------ -----------------------------
(Registrant's telephone number, including area code)
NOT APPLICABLE
--------------------------- ---------------
(Former name or former address, if changed since last report)
Item 5. OTHER EVENTS.
A class action complaint was filed on January 10, 2003 in the Fifth Judicial
Circuit of the State of Florida in and for Marion County, Civil Division against
Penn Treaty American Corporation and its subsidiary, Penn Treaty Network America
Insurance Company. The suit was filed by Elsie M. Forest, Thomas H. Wiess and
Angela H. Wiess, on behalf of Florida residents who purchased long-term care
insurance policies from Penn Treaty beginning January 1, 1997, regarding premium
increases associated with certain Long-Term Care policies. Although the Company
has not yet been served, it has obtained a copy of the complaint, which is
attached as an exhibit hereto. The Complaint alleges breach of fiduciary duty,
breach of implied duty of good faith and fair dealing in an insurance contract,
negligent misrepresentation and fraudulent misrepresentation. Plaintiffs are
seeking reformation of their insurance contracts, the ability to seek
alternative forms of long term care insurance at any affordable rate due to
increased age, and monetary damages of less than $75,000 per plaintiff with an
alleged class size exceeding 30,000 individuals. Based upon the Company's review
of the complaint, it believes that the complaint contains numerous untrue and
misleading statements and that the allegations are baseless and without merit.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS.
99.1 Class Action Complaint filed by Elsie M. Forest, Thomas H.
Wiess and Angela H. Wiess, on behalf of themselves and all
others similarly situated, in the Fifth Judicial Circuit of
the State of Florida in and for Marion County against Penn
Treaty American Corporation and Penn Treaty Network America
Insurance Company.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
PENN TREATY AMERICAN CORPORATION
January 23, 2003 By: /s/ CAMERON B. WAITE
-----------------------------------
Cameron B. Waite
Chief Financial Officer