STEVENSON, Md., Aug. 16, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Meadowbrook Insurance Group, Inc. ("Meadowbrook" or the "Company") (NYSE:MIG) securities during the period between July 30, 2012 and August 8, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Meadowbrook Insurance Group, Inc. securities purchased on or after July 30, 2012, and held through any of the revelations of negative information on October 19, 2012, August 2, 2013, and/or August 9, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 14, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's financial stability was severely impaired, the Company's reported goodwill was materially inflated, the Company's capital position was not strong enough to support its ongoing insurance operations in a sustainable fashion, and the Company was in breach of its financial covenants applicable to its credit facilities. According to the Complaint, following the October 19, 2012 disclosure that A.M. Best Company had put the financial strength rating and issuer credit rating of the Company's main operating subsidiary under review with negative implications, the August 2, 2013 disclosure that A.M. Best Company had downgraded the Company's financial strength rating, and the Company's August 9, 2013 disclosure that it was unable, without unreasonable effort or expense, to timely file its Quarterly Report for the quarter ended June 30, 2013, the value of Meadowbrook shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616