AmTrust Financial Services, Inc.
Period: May 10, 2016 to Feb 24, 2017
Lead Plaintiff Deadline: May 1, 2017
Summary of Case:
A securities class action has been filed against AmTrust Financial Services, Inc. (NASDAQ:AFSI) on behalf of purchasers of AmTrust securities from May 10, 2016 through February 24, 2017. This case has been filed in the USDC - CA (Central).
The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) AmTrust had ineffective assessment of the risks associated with the financial reporting; (2) AmTrust had an insufficient complement of corporate accounting and corporate financial reporting resources within the organization; (3) in turn, AmTrust lacked effective controls over financial reporting; and (4) as a result, defendants' statements about AmTrust's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 27, 2017, AmTrust issued a press release revealing that it had identified material weaknesses in its internal control over financial reporting that existed as of December 31, 2016. On this news, shares of AmTrust fell $5.32 per share or over 19% to close at $22.34 per share on February 27, 2017, damaging investors.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.