SAN FRANCISCO, Feb. 27, 2017 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in AmTrust Financial Services Inc. (NASDAQ: AFSI) to the firm's investigation into possible securities law violations related to admitted material weaknesses in internal controls over financial reporting.
If you purchased or otherwise acquired securities of AFSI before February 27, 2017 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing AFSI@hbsslaw.com.
On February 27, 2017 AmTrust disclosed it would not timely file its 2016 annual financial statements. The Company explained it "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."
This news drove the price of AmTrust shares down over 15% during intraday trading on February 27, 2017.
"We're concerned about the admitted material weaknesses in internal controls over financial reporting and whether there will be a restatement of financial statements," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding AmTrust should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email AFSI@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
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SOURCE Hagens Berman Sobol Shapiro LLP