SAN DIEGO and HAMILTON, Bermuda, Aug. 14, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating claims on behalf of investors of Tower Group International, Ltd. (NASDAQ: TWGP) ("Tower Group"). Tower Group, through its subsidiaries, underwrites insurance and reinsurance products in Bermuda, the United States, and London.
Tower Group Postpones Release of Financial Results for Second Quarter 2013
Robbins Arroyo's investigation concerns whether Tower Group's officers and directors made misleading statements to the investing public. On August 7, 2013, Tower Group announced that it was postponing the release of its financial results for the second quarter of 2013. According to the announcement, the company's management concluded that additional time was necessary to review issues related to the estimate of its loss reserves, the integration of the Canopius Bermuda merger, and its integration of goodwill and certain tax accounts. Then, on April 8, 2013, Tower Group disclosed that the company could record adverse reserve development of $60 million to $100 million pre-tax. On this news, Tower Group stock declined $5.20, or more than 24%, to close at $16.41 on August 8, 2013.
If you invested in Tower Group and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, firstname.lastname@example.org, or via the shareholder information form on the firm's website
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsarroyo.com.
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SOURCE Robbins Arroyo LLP