NEW YORK, Aug. 23, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Tower Group International, Inc. ("Tower" or the "Company") (NASDAQ: TWGP).
The investigation focuses on whether the Company and its executives violated federal securities laws with respect to its disclosures concerning business, operational, and compliance policies. Specifically, the investigation focuses on whether: (i) Tower did not properly estimate its loss reserve provisions in regards to Generally Accepted Accounting Principles and (ii) the Company did not properly allocate goodwill and certain of its deferred tax assets.
On August 8, 2013, Tower announced it was postponing the release of its financial results for the second quarter of 2013 because the Company needed more time to review matters relating to the estimate of its loss reserves, its allocation of goodwill and certain tax accounts. Following this news, the stock dropped $5.20 or 24%.
If you invested in Tower stock, bonds or options between July 30, 2012 and August 8, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/TWGP. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] or [email protected] Faruqi & Faruqi, LLP also encourages anyone with information regarding Tower's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. [email protected] Francis McConville, Esq. [email protected] Telephone: (877) 247-4292 or (212) 983-9330