The Law Office of Robbins Umeda LLP Announces an Investigation of Ambassadors Group Inc.
October 18 2010 - 8:22PM
Business Wire
Robbins Umeda LLP has commenced an investigation into possible
breaches of fiduciary duty and other violations of the law by
certain officers and directors at Ambassadors Group, Inc. (NASDAQ:
EPAX) ("Ambassadors" or the "Company"). Ambassadors is an education
company that organizes and promotes educational travel and sports
programs for students, athletes, and professionals. Ambassadors was
founded in 1967 and is headquartered in Spokane, Washington.
Robbins Umeda LLP's investigation concerns whether the Company's
directors and officers caused the Company to issue materially false
and misleading statements causing the stock to trade at inflated
prices.
In particular, the investigation concerns whether the Company's
fiduciaries knowingly or recklessly failed to disclose when
announcing Ambassadors' business prospects: (a) that it was
experiencing a lower conversion rate from people attending its
informational meetings to booking travel; (b) there was a decrease
in the number of enrolled participants for the Company's 2008
travel programs, especially in its international outbound programs;
and (c) the Company had utilized a different database in order to
promote its travel programs to prospective clients. On October 23,
2007, Ambassadors held a conference call regarding the Company's
declining outlook for 2008. As a result of this announcement,
shares of Ambassadors fell $17.73, a decline of more than 44% to
close at $21.03 per share on October 24, 2007.
In November 2009, Ambassadors disclosed that the U.S. Securities
and Exchange Commission had issued a formal order of investigation
with respect to trading in the Company's securities. In addition,
certain of the Company's officers, directors, and employees
received subpoenas from the SEC requesting information.
If you are a shareholder of Ambassadors, plan to continue to
hold your shares, and would like more information about your rights
as a shareholder, please contact attorney Gregory E. Del Gaizo at
800-350-6003 or by e-mail at info@robbinsumeda.com.
Robbins Umeda LLP is a securities litigation firm, which has
significant experience representing investors in shareholder
derivative actions, securities fraud class actions, and
merger-related shareholder class actions. For more information
about the firm, please go to http://www.robbinsumeda.com.
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