Ryan & Maniskas, LLP Announces Investigation of Tower Group International, Ltd.
WAYNE, Pa., Aug. 12, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/twgp) announces that it is investigating potential claims against Tower Group International, Ltd. (NASDAQ: TWGP) ("Tower Group" or the "Company") on behalf of those who purchased Tower Group common stock between January 1, 2011 and August 7, 2013 (the "Class Period").
The investigation concerns whether Tower Group and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
August 8, 2013, the Company announced that it is postponing the release of its financial results for the second quarter of 2013 and its previously announced conference call to discuss the results, originally scheduled for August 8, 2013.
The Company stated that management concluded that additional time is needed to review matters relating to the estimate of its loss reserves and, primarily due to the integration of the Canopius Bermuda merger, its allocation of goodwill and certain tax accounts. The Company is working to resolve these matters with the assistance of outside professionals. The Company cannot currently predict the length of time of its review.
On this news, shares of Tower Group fell $5.19 per share or 24.02% to $16.42 on intraday trading on August 8, 2013.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/twgp. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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