NEW YORK, March 03, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against AmTrust Financial Services, Inc. (“AmTrust” or the “Company”) (NASDAQ: AFSI ) and certain of its officers, and is on behalf of a class consisting of all persons or entities who purchased AmTrust securities between May 10, 2016 and February 24, 2017, both dates inclusive (the “Class Period”). Such investors are advised to join this case by visiting the firm’s site: http://www.bgandg.com/afsi .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, Defendants made materially 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) as a result, AmTrust lacked effective controls over financial reporting; and (4) consequently, 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 revealed that it “identified material weaknesses in its internal control over financial reporting that existed as of December 31, 2016, specifically related to ineffective assessment of the risks associated with the financial reporting, and an insufficient complement of corporate accounting and corporate financial reporting resources within the organization.” AmTrust also said that it would delay filing its 2016 annual financial statements and that it “identified and corrected errors during the three months ended December 31, 2016 related to prior periods in 2016 and 2015.” Following this news, AmTrust stock dropped $5.32 per share or over 19.23% to close at $22.34 on February 27, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/afsi or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in AmTrust you have until May 1, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
