BOSTON, Dec. 19, 2013 /PRNewswire/ -- Shares in AmTrust Financial Services, Inc. ("AmTrust" or the "Company") (NASDAQ: AFSI) have plunged on news of alleged accounting improprieties at the Company. The Company's stock price has fallen by approximately $8.68 per share, or more than 22%, since the allegations first came to light on December 12, 2013. Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is investigating whether the Company and certain of its officers and directors have violated the federal securities law in connection with the alleged accounting improprieties.
AmTrust is an insurance company that underwrites and provides property and casualty insurance in the U.S. and abroad. The Company describes its business as targeting certain niche customer groups that it perceives to be underserved within the broader insurance market. On December 12, 2013, analyst firm GeoInvesting published a report raising red flags with respect to AmTrust's financial accounting, including allegations that the Company is excluding losses of its wholly-owned subsidiaries in its SEC filings and mismarking the value of the Company's investments in life settlement contracts. On this news, the Company's stock dropped by 12% to close at $33.67 and has continued its free-fall, closing today at approximately $29.50.
If you purchased AmTrust stock between May 5, 2010 through December 12, 2013 and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte or Whitney Street of Block & Leviton LLP at (617) 398-5600 or at [email protected] or [email protected]. Confidentiality to any whistleblowers or other persons with information relevant to the investigation is assured.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.
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SOURCE Block & Leviton LLP