Cases
Ambac Financial Group, Inc. (NASDAQ: AMBC)
Securities Class Action
Overview
Overview
- Date:
- 6/29/2016
- Company Name:
- Ambac Financial Group, Inc.
- Stock Symbol:
- AMBC
- Class Period:
- FROM 11/13/2013 TO 6/30/2015
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, June 29, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who acquired Ambac Financial Group, Inc. (NYSE: HYH) securities between November 13, 2013 and June 30, 2015 (the “Class Period”).
The lawsuit alleges that throughout the Class Period, Ambac made materially false and misleading statements and omitted material facts concerning the company’s losses and loss exposure on its public finance bond portfolio, risk management, and internal controls. The suit further alleges that these misstatements allowed the stock to trade at artificially inflated prices throughout the Class Period.
Following the June 29, 2015 revelation that Puerto Rico would likely default on upcoming interest payments, and that as a result, Ambac was potentially liable for up to $2.5 billion worth of Commonwealth debt the company insured, Ambac stock fell approximately 29%, causing investors substantial losses.
Then on May 11, 2016, Ambac admitted in an SEC filing that management “had identified a material weakness in its internal control over financial reporting.”
If you acquired Ambac securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The lawsuit alleges that throughout the Class Period, Ambac made materially false and misleading statements and omitted material facts concerning the company’s losses and loss exposure on its public finance bond portfolio, risk management, and internal controls. The suit further alleges that these misstatements allowed the stock to trade at artificially inflated prices throughout the Class Period.
Following the June 29, 2015 revelation that Puerto Rico would likely default on upcoming interest payments, and that as a result, Ambac was potentially liable for up to $2.5 billion worth of Commonwealth debt the company insured, Ambac stock fell approximately 29%, causing investors substantial losses.
Then on May 11, 2016, Ambac admitted in an SEC filing that management “had identified a material weakness in its internal control over financial reporting.”
If you acquired Ambac securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.