NEW ORLEANS, July 22, 2016 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until August 29, 2016 to file lead plaintiff applications in a securities class action lawsuit against Ambac Financial Group, Inc. (NasdaqGS: AMBC), if they purchased the Company's securities between November 13, 2013 and June 30, 2015, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Ambac and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by August 29, 2016.
About the Lawsuit
Ambac and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include that: (i) given the deterioration in Ambac's bond portfolio, Ambac had extensive loss exposure; (ii) Ambac's credit risk surveillance strategies were inadequate; (iii) Ambac was not timely implementing mitigation strategies; and (iv) Ambac failed to maintain adequate internal controls.
On June 29, 2015, it was announced that Puerto Rico could not pay back more than $70 billion in debt and would likely default on interest payments, making Ambac potentially liable for up to $2.5 billion of Puerto Rico's debt that it insures.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
206 Covington St.
Madisonville, LA 70447
SOURCE Kahn Swick & Foti, LLC