NEW YORK, Jan. 20, 2004 (PRIMEZONE) -- The law firm of Kirby, McInerney & Squire, LLP announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Michigan on behalf of all purchasers of American Physicians Capital, Inc.("AP Capital" or the "Company") (Nasdaq:ACAP) securities during the period from February 13, 2003 through November 6, 2003, inclusive (the "Class Period").
Please visit our website, which offers summary and detailed information concerning the suit at http://www.kmslaw.com/new_cases/American_Physicians/American_Physicians.htm or contact us by phone at (888) 529-4787 or by email at emui@kmslaw.com for more information.
The action charges American Physicians and certain of its senior officers with violations of Sections 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The alleged violations stem from the dissemination of false and misleading statements, which had the effect - during the Class Period - of artificially inflating the price of American Physician's shares.
Investors allege that AP Captial and certain of its officers violated Sections 10(b) and 20 (a) of the Securities and Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that defendants failed to disclose (i) that the Company's provisions for loss reserves were inadequate; (ii) that defendants failed to sufficiently increase the Company's loss reserves during the Class Period; and (iii) as a result of the foregoing, the Company's operating results were overstated at all relevant times.
Kirby McInerney & Squire, LLP, which represents American Physicians investors, has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at http://www.kmslaw.com.
If you are a member of the class described above, you may, no later than March 3, 2004 move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, you can contact Aaron Hovan, Esq. or Vivian Lee.