GPM Reminds Investors of the August 29th Deadline in the Class Action Lawsuit Against Ambac Financial Group, Inc. & Encourage...
August 18 2016 - 3:55PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the
August 29, 2016 deadline to file a lead plaintiff motion in
the class action filed on behalf of a class (the “Class”) of
investors who purchased Ambac Financial Group, Inc. ("Ambac" or the
"Company") (NASDAQ: AMBC) securities between November 13, 2013
through June 30, 2015, inclusive (the “Class Period”).
According to the lawsuit, throughout the Class Period defendants
issued false and misleading statements to investors regarding the
Company’s exposure to defaulting Puerto Rican bonds insured by the
Company, and/or failed to disclose that: (1) Ambac had far greater
losses and loss exposure to anticipated defaults in its public
finance bond portfolio than it had previously disclosed; (2)
Ambac’s credit risk surveillance strategies were inadequate; (3)
Ambac was failing to implement mitigation strategies in a timely
manner to stabilize the residual value of its financial guarantee
business; (4) as a result, Ambac’s financial condition was much
worse than represented; and (5) Ambac failed to maintain adequate
internal controls over financial reporting. When the true details
entered the market, the lawsuit claims that investors suffered
damages.
If you purchased Ambac shares, you may move the Court no later
than August 29, 2016 to request appointment as
lead plaintiff. To be a member of the class you need not take any
action at this time; you may retain counsel of your choice or take
no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Casey Sadler,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160818006192/en/
Glancy Prongay & Murray LLP, Los AngelesCasey Sadler,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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