SAN FRANCISCO, March 21, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP updates investors in AmTrust Financial Services Inc. (NASDAQ:AFSI). The expanded class period is March 2, 2015 through March 16, 2017. The Lead Plaintiff deadline is May 1, 2017.
If you purchased or otherwise acquired securities of AFSI between March 2, 2015 and March 16, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/AFSI
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing AFSI@hbsslaw.com.
On February 27, 2017 AmTrust disclosed it would not timely file its 2016 annual financial statements. The Company explained it “identified material weaknesses in its internal control over financial reporting that existed as of December 31, 2016, specifically related to ineffective assessment of the risks associated with the financial reporting, and an insufficient complement of corporate accounting and corporate financial reporting resources within the organization.”
This news drove the price of AmTrust shares down over 15% during intraday trading on February 27, 2017.
On March 16, 2017, the Company disclosed it is restating certain historical financial statements and related disclosures to correct improperly recognized revenue and improperly expensed bonuses. In response, the price of AmTrust shares fell over 18% to close at $17.58 on March 17, 2017.
“GAAP violations are serious matters. We’re concerned about the recently admitted accounting irregularities requiring the restatements and the damage inflicted on AFSI investors,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding AmTrust should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email AFSI@hbsslaw.com.
About Hagens Berman
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