NEW YORK, March 28, 2014 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in AmTrust Financial Services, Inc. ("AmTrust" or the "Company") (NASDAQ: AFSI) of the April 7, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against AmTrust and certain executives.
A complaint has been filed on behalf of all persons who purchased AmTrust securities between February 15, 2011 and December 11, 2013, inclusive (the "Class Period") in the Southern District of New York.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that the Company: i) manipulated its loan loss reserves and its deferred tax liabilities; ii) underestimated its life settlement contracts' discount rates in an attempt to inflate its reported assets and total stockholder's equity; and iii) failed to implement adequate internal and financial controls.
On December 12, 2013, analyst firm Geoinvesting issued a report exposing the foregoing accounting improprieties at AmTrust. Upon this news, the Company's stock declined $4.63 per share, or over 12%, to close at $33.67 per share on December 12, 2013.
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If you invested in AmTrust stock, bonds or options between February 15, 2011 and December 11, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/AFSI. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding AmTrust's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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