NEW YORK, March 23, 2017 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of AmTrust Financial Services, Inc. ("AmTrust" or the "Company") (NASDAQ: AFSI) concerning whether the board has breached its fiduciary duties to shareholders.
Before the market opened on February 28, 2017, AmTrust reported financial results for its fourth quarter and year ended December 31, 2016, including a 43% decline in fourth quarter net income, compared to the same period a year earlier. AmTrust blamed the decrease in net income on a "a reserve charge of $65 million, or approximately $0.24 per diluted shares, primarily related to strengthening of prior year loss and loss adjustment reserves in our Specialty Program segment."
On March 16, 2017, the Company disclosed that it would not be able to timely file its Form 10-K for the 2016 fiscal year and that it would be required to restate its previously issued Forms 10-K for 2015 and 2014 due to errors in bonus and revenue recognition.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own AmTrust shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
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SOURCE Harwood Feffer LLP