BOSTON, March 17, 2017 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, reminds shareholders of AmTrust Financial Services, Inc. ("AmTrust" or the "Company") (NASDAQ: AFSI) of the upcoming May 1, 2017 lead plaintiff deadline in the securities litigation pending against the Company.
On February 27, 2017 AmTrust disclosed it would not timely file its 2016 annual financial statements, explaining that it had "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." On this news, AmTrust shares fell more than 15% on February 27, 2017.
On March 16, 2017, AmTrust announced that "management and its current and former independent auditors, concluded that the Company's previously issued consolidated financial statements for 2014 and 2015 (including for each of the four quarters of 2015) as well as for the first three quarters of 2016 should be restated and should no longer be relied upon."
On this news, the Company's stock has plunged nearly 20% in early trading, causing hundreds of millions in losses to investors.
If you wish to serve as a lead plaintiff, you must move the Court no later than May 1, 2017. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you wish to become involved in the litigation or have questions about your legal rights, please contact attorney Bradley Vettraino at (617) 398-5600, by email at firstname.lastname@example.org, or by visiting www.blockesq.com/amtrust.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
Two lawsuits are currently pending against AmTrust for its alleged accounting fraud: one in the Southern District of New York, captioned Rubel v. AmTrust Financial Services, Inc. et al., No. 1:17-cv-01545; and one in the Central District of California, captioned Miller v. AmTrust Financial Services, Inc. et al., No. 2:17-cv-01608.
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Block & Leviton LLP
Bradley J. Vettraino
155 Federal Street, Suite 400
Boston, MA 02110
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SOURCE Block & Leviton LLP