SAN DIEGO, March 20, 2014 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP announce that the firm filed a class action lawsuit on February 27, 2014, in the U.S. District Court, Southern District of New York (the "Court"), on behalf of the shareholders of Tower Group International, Ltd. ("Tower Group") (NASDAQ: TWGP) against Tower Group, its Board of Directors, ACP Re, Ltd. ("ACP Re"), AmTrust Financial Services, Inc., and London Acquisition Company Limited for, among other things, violations of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 (the "Exchange Act") in connection with the proposed acquisition of Tower Group by ACP Re.
The complaint arises out of a January 6, 2014 press release announcing that Tower Group had entered into a definitive merger agreement with the ACP Re, pursuant to which Tower Group shareholders would receive $3 in cash for each share of Tower Group they own (the "Proposed Transaction"). The complaint seeks injunctive relief on behalf of the named plaintiff and all other similarly situated shareholders of Tower Group as of January 6, 2014 (the "Class"). The named plaintiff is represented by Robbins Arroyo LLP.
The named plaintiff alleges that certain of the defendants, in connection with the Proposed Transaction, breached or aided and abetted the other defendants' breaches of their fiduciary duties of loyalty and due care owed to Tower Group shareholders. The complaint further alleges that, in an attempt to secure shareholder approval of the Proposed Transaction, the defendants filed a materially false and misleading preliminary proxy statement on Schedule 14A with the U.S. Securities and Exchange Commission in violation of the Exchange Act and their state law fiduciary duties of candor and full disclosure. The omitted and/or misrepresented information is believed to be material to Tower Group shareholders' ability to make an informed decision whether to approve the Proposed Transaction.
If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from March 20, 2014. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact attorney Darnell R. Donahue of Robbins Arroyo LLP at 800-350-6003, via the shareholder information form on our website, or by e-mail at firstname.lastname@example.org. Any member of the 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.
Robbins Arroyo LLP, a nationally recognized leader in the area of shareholder rights litigation, represents individual and institutional investors in securities class action lawsuits and shareholder derivative actions. Robbins Arroyo LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Past results do not guarantee similar outcomes. For more information about the firm, please go to http://www.robbinsarroyo.com.
Press release link: www.robbinsarroyo.com/shareholders-rights-blog/tower-group-international-ltd
SOURCE Robbins Arroyo LLP