NEW YORK, March 23, 2017 /PRNewswire/ -- Harwood Feffer LLP
(www.hfesq.com) is investigating potential claims against the board
of directors of AmTrust Financial Services, Inc. ("AmTrust" or the
"Company") (NASDAQ: AFSI) concerning whether the board has breached
its fiduciary duties to shareholders.
Before the market opened on February 28,
2017, AmTrust reported financial results for its fourth
quarter and year ended December 31,
2016, including a 43% decline in fourth quarter net income,
compared to the same period a year earlier. AmTrust blamed
the decrease in net income on a "a reserve charge of $65 million, or approximately $0.24 per diluted shares, primarily related to
strengthening of prior year loss and loss adjustment reserves in
our Specialty Program segment."
On March 16, 2017, the Company
disclosed that it would not be able to timely file its Form 10-K
for the 2016 fiscal year and that it would be required to restate
its previously issued Forms 10-K for 2015 and 2014 due to errors in
bonus and revenue recognition.
Our investigation concerns whether the Company board of
directors has breached its fiduciary duties to shareholders,
grossly mismanaged the Company, and/or committed abuses of control
in connection with the foregoing.
If you own AmTrust shares and wish to discuss this matter with
us, or have any questions concerning your rights and interests with
regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212)935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been
representing individual and institutional investors for many years,
serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website
(http://www.hfesq.com) for more information about the
firm.
The law firm responsible for this advertisement is Harwood
Feffer LLP (www.hfesq.com). Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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SOURCE Harwood Feffer LLP