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NEW YORK, April 11, 2017 -- Safirstein Metcalf LLP announces 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 March 2, 2015 and March 16, 2017, both dates inclusive (the "Class Period").
If you purchased Amtrust securities during the Class Period, and would like more information about getting involved in the Amtrust Shareholder Class Action, please call 1-800-221-0015, or email [email protected]. If you wish to serve as lead plaintiff, you must move the Court no later than May 1, 2017.
A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
| Company: | AMTRUST FINANCIAL SERVICES, INC. | |
| Exchange: | NASDAQ | |
| Ticker: | AFSI | |
| Cusip: | 032359309 | |
| Class Period: | 3/2/15 – 3/16/17 | |
| Lead Plaintiff Date: | 5/1/17 |
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 expects to correct errors in its financial statements for fiscal years ended December 31, 2015 and 2014, and certain financial information for fiscal years ended December 31, 2013 and 2012, and that it intended to delay the filing of its Form 10-K for the year ended December 31, 2016. Following this news, AmTrust stock dropped $5.32 per share, or over 19.23%, to close at $22.34 on February 27, 2017.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
Attorney advertising. Prior results do not guarantee a similar outcome.
Safirstein Metcalf LLP Peter Safirstein, Esq. 1250 Broadway 27th Floor New York, NY 10001 1-800-221-0015
