NEW YORK, Aug. 5, 2016 /PRNewswire/ -- The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of investors who purchased Ambac Financial Group, Inc. (NASDAQ: AMBC) securities between November 13, 2013 and June 30, 2015.
Click here to learn about the case: http://www.wongesq.com/pslra/ambac-financial-group-inc. There is no cost or obligation to you.
According to the complaint, throughout the Class Period, Ambac made materially false and misleading statements and omitted material facts concerning the Company's losses and loss exposure on its public finance bond portfolio, risk management, and internal controls. The complaint further alleges that these misstatements allowed the stock to trade at artificially inflated prices throughout the Class Period.
Following the June 29, 2015 revelation that Puerto Rico would likely default on upcoming interest payments, and that as a result, Ambac was potentially liable for up to $2.5 billion worth of Commonwealth debt the Company insured, Ambac stock fell approximately 29%, causing investors substantial losses. Then on May 11, 2016, Ambac admitted in an SEC filing that management "had identified a material weakness in its internal control over financial reporting."
If you suffered a loss in Ambac you have until August 29, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email email@example.com, by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra/ambac-financial-group-inc.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
Vincent Wong, Esq.
39 East Broadway
New York, NY 10002
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SOURCE The Law Offices of Vincent Wong