NEW YORK, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against AmTrust Financial Services, Inc. (“AmTrust”) (OTC: AFSIA, AFSIB, AFSIC, AFSIM, AFSIN, AFSIP) on behalf of investors who purchased AmTrust preferred stock between January 22, 2018 and January 18, 2019, inclusive (“Class Period”).
Investors who purchased the preferred shares of AmTrust Financial Services, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the preferred shares of AmTrust Financial Services, Inc., you may, no later than October 28, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the preferred shares of AmTrust Financial Services, Inc.
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The filed complaint alleges that in November 2018, AmTrust entered a merger agreement that allowed the Karfunkel-Zyskind Family, a family that already owned 55% of AmTrust, and private equity firm Stone Point Capital LLC to acquire the remaining 45% of AmTrust's minority common shares for $14.75 per share. Since only common stock was acquired in the merger, many stockholders were concerned about the future of AmTrust's preferred stock. In an effort to solicit approval for the merger and dispel concern for the future of the preferred stock, AmTrust and the Karfunkel-Zyskind family continuously reassured investors that although the common shares were being acquired, the preferred stock would remain publicly traded on the New York Stock Exchange (“NYSE”). Notwithstanding, two months later on January 18, 2019, AmTrust announced it would delist all six series of AmTrust preferred stock from the NYSE.
Immediately upon this news, the prices of AmTrust's preferred stock dropped by almost 40%.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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