NEW YORK, July 5, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Ambac Financial Group, Inc. ("Ambac" or the "Company") (NASDAQ: AMBC) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, is on behalf of a class consisting of all persons or entities who purchased Ambac securities between November 13, 2013 through June 30, 2015, inclusive (the "Class Period").
The Complaint alleges that throughout the Class Period defendants issued false and misleading statements to investors and/or failed to disclose that: (1) Ambac had far greater losses and loss exposure to anticipated defaults than it had previously disclosed in its public finance bond portfolio; (2) Ambac's credit risk surveillance strategies were insufficient; (3) Ambac was failing to implement mitigation strategies in a timely manner to stabilize the residual value of its financial guarantee business; (4) consequentially, Ambac's financial condition was much worse than represented; and (5) Ambac failed to maintain adequate internal controls over financial reporting. Due to the defendants' alleged false and misleading statements, Ambac's stock traded at artificially inflated prices during the Class Period, and investors were damaged once the true details were made public.
According to the Complaint, on June 29, 2015, the governor of Puerto Rico stated that the island's debt of over $70 million was "not payable" and Puerto Rico would soon be unable to pay its upcoming interest payments. This declaration exposed Ambac's potential liability of up to $2.5 billion of the Commonwealth's debt it insures. Following this news, Ambac dropped $6.47 per share or 28.9%, on July 1, 2015.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/#!ambc/u06xx or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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