TMCnet News
Glancy Binkow & Goldberg LLP Files Class Action Lawsuit Against AmTrust Financial Services, Inc.LOS ANGELES --(Business Wire)-- Glancy Binkow & Goldberg LLP, representing investors of AmTrust Financial Services, Inc. ("AmTrust" or the "Company") (NASDAQ:AFSI), has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the "Class") comprising all purchasers of AmTrust securities between February 15, 2011 and December 11, 2013, inclusive (the "Class Period"). If you purchased AmTrust shares during the Class Period, please contact us toll-free at (888) 773-9224, or at (212) 682-5340, or by email to [email protected] to discuss this matter. AmTrust, through its subsidiaries, underwrites and provides property and casualty insurance in the United States and internationally. The Complaint alleges thatthroughout the Class Period defendants misrepresented and/or failed to disclose that the Company: (1) manipulated its loan loss reserves in order to inflate reported earnings; (2) manipulated its deferred tax liabilities; (3) underestimated the discount rates for its life settlement contracts in an effort to inflate the Company's reported assets and total stockholder's equity; and (4) lacked adequate internal and financial controls. On December 12, 2013, a report published by Geoinvesting alleged certain accounting improprieties at AmTrust, including manipulation of the Company's loan loss reserves and manipulation of the Company's deferred tax liabilities, and that the Company had underestimated the discount rates for its life settlement contracts. Following this news, AmTrust securities declined $4.63 per share, or 12%, to close at $33.67 per share on December 12, 2013. If you are a member of the Class described above, you may move the Court no later than April 7, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to [email protected], or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
|
