NEW YORK, Aug. 21, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that a class action lawsuit has been filed on behalf of purchasers of Meadowbrook Insurance Group, Inc. (NYSE:MIG) stock during the period between July 30, 2012 and August 8, 2013, inclusive, seeking to recover damages for violations of the federal securities laws.
To join the Meadowbrook class action, visit the firm's website at http://www.rosenlegal.com, or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free, at 866-767-3653; you may also email at pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Meadowbrook and certain of its officers and directors materially misstated and/or failed to disclose that: (i) the Company's financial stability was severely deteriorated; (ii) the Company's reported goodwill was materially overstated; (iii) the Company's capital position was not strong enough to sustain its ongoing insurance operations; (iv) the Company was in breach of its financial covenants applicable to its credit facilities; (v) the Company lacked adequate internal and financial controls, including controls over outstanding claims, asset impairment charges and maintenance of an appropriate capital position; and (vi) as a result, the Company's statements were materially false and misleading at all relevant times. When these adverse facts were disclosed, the price of the Company's stock dropped and damaged investors.
If you wish to serve as lead plaintiff, you must move the Court no later than October 14, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com. You may also visit the firm's website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.