Abbey Spanier Rodd & Abrams, LLP, Announces Class Action Lawsuit on Behalf of Manulife...

Abbey Spanier Rodd & Abrams, LLP, Announces Class Action Lawsuit on Behalf of
Manulife Financial Corporation Shareholders

NEW YORK, July 10 /PRNewswire/ -- Notice is hereby given that Abbey Spanier
Rodd & Abrams, LLP has filed a class action lawsuit in the United States
District Court for the Southern District of New York (09-cv-6185) on behalf of
a class consisting of all persons or entities who purchased the securities of
Manulife Financial Corporation ("Manulife" or the "Company") between March 28,
2008 and June 22, 2009 (the "Class Period"). Manulife trades as "MFC" on the
TSX, NYSE and PSE, and under "945" on the SEHK.

The Complaint charges Manulife and certain of the Company's executive officers
with violations of federal securities laws.

A copy of the Complaint is available from the court or from Abbey Spanier Rodd
& Abrams, LLP. Please contact us by phone to discuss this action or to obtain
a copy of the Complaint at (212) 889-3700, by email at info@abbeyspanier.com,
or visit our website at http://www.abbeyspanier.com.

On June 19, 2009, after the market closed, Manulife announced that it received
an enforcement notice from the Ontario Securities Commission ("OSC") relating
to Manulife's disclosure of risks concerning its variable annuity guarantee
and segregated funds business. The OSC notice stated that Manulife failed to
meet its continuous disclosure obligations related to its exposure to market
price risk in its variable annuity guarantee and Segregated Fund Contracts
business. Segregated Fund Contracts are insurance contracts also known as
individual variable annuities that offer death benefits and maturity
guarantees.

The complaint alleges that Manulife made false and misleading statements
regarding its ability to manage and control risk. In fact, contrary to the
Company's own risk management strategy, Manulife applied no material hedging
strategy to manage risk particularly during an economic downturn. The
complaint further alleges that notwithstanding its risk management strategy
Manulife built up a massive stock portfolio, which it chose to leave unhedged.
This resulted in a huge decline in the funds available to guaranty the
Separate Fund Contract obligations, forcing the Company to raise billions in
capital to make up for a widening shortfall in the amount it had promised to
pay customers decades from now.

Stunned investors responded to the OSC's announcement when trading markets
reopened on June 22, 2009. The Company's shares dropped 12% to close at
$17.67 on an unusually high trading volume of almost 8 million shares.

Plaintiff seeks to recover damages on behalf of class members and is
represented by Abbey Spanier Rodd & Abrams, LLP, a law firm with substantial
experience in prosecuting class actions, and demonstrable, proven expertise in
actions implicating corporate fraud.

If you are a member of the class described above, you may move the Court, no
later than September 8, 2009, 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 with respect
to these matters, please contact Nancy Kaboolian, Esquire, at Abbey Spanier
Rodd & Abrams, LLP, 212 East 39th Street, New York, New York 10016, by
telephone at (212) 889-3700 or via e-mail at nkaboolian@abbeyspanier.com.

SOURCE Abbey Spanier Rodd & Abrams, LLP

Nancy Kaboolian, Esquire, of Abbey Spanier Rodd & Abrams, LLP,
+1-212-889-3700, nkaboolian@abbeyspanier.com