STEVENSON, Md., Aug. 23, 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 Tower Group International, Ltd. ("Tower Group" or the "Company") (Nasdaq:TWGP) common stock 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 Tower Group International, Ltd. common stock purchased on or after July 30, 2012, and held through the revelation of negative information on August 8, 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 21, 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 failed to properly estimate its loss reserve provisions as required by Generally Accepted Accounting Principles and failed to properly allocate its goodwill and certain deferred tax assets. According to the complaint, after the Company's press release on August 7, 2013 announcing that Tower was postponing the release of its financial results for the second quarter of 2013 and its previously scheduled conference call to discuss the results, originally scheduled for August 8, 2013 and stating that "additional time is needed to review matters relating to the estimate of its loss reserves and, primarily due to the integration of the Canopius Bermuda merger, its allocation of goodwill and certain tax accounts," and after the Company's announcement on August 8, 2013 disclosing that the Company may record adverse reserve development of $60 million to $110 million pre-tax and that it had hired an independent actuarial firm to review selected areas of its loss reserves as of June 30, 2013, the value of Tower shares dropped 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