INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against National General Holdin...
July 27 2019 - 10:00AM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Central District of California on behalf of those who acquired
National General Holdings Corp. (“National General” or the
“Company”) (NASDAQ:NGHC) securities during the period from August
6, 2015 to August 9, 2017 (the “Class Period”). Investors have
until September 23, 2019 to apply to the Court to be appointed as
lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that:
(i) National General, together with banking giant Wells Fargo, had
engaged in a massive auto insurance scheme in which National
General forced thousands of customers to pay for redundant,
unnecessary, and overly expensive Collateral Protection Insurance
(“CPI”) that they did not need or want; and (ii) while National
General was concealing its participation in the fraudulent CPI
scheme from investors, they were reporting revenues and earnings
results that had been artificially inflated by the illegitimate
proceeds from the scheme.
On July 27, 2017, The New York Times published an article that
revealed for the first time the CPI forced-placed insurance scheme.
The article cited an internal report commissioned by Wells Fargo’s
executives, which reportedly stated that more than 800,000 auto
loan customers had paid for unnecessary CPI. In the days that
followed, National General faced numerous regulatory
investigations, congressional scrutiny, and civil lawsuits that
caused a decline in the price of National General shares. Between
July 26, 2017, before the story broke, and August 10, 2017, after
the launch of a congressional inquiry into the scandal, the price
of National General common stock fell more than 15%.
If you acquired National General securities during the Class
Period, have information, or would like to learn more about these
claims, please contact Thomas W. Elrod of Kirby McInerney at
212-371-6600, by email at investigations@kmllp.com, or by filling
out this contact form, to discuss your rights or interests with
respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190727005005/en/
Kirby McInerney LLP Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com www.kmllp.com
National General (NASDAQ:NGHC)
Historical Stock Chart
From Jun 2024 to Jul 2024
National General (NASDAQ:NGHC)
Historical Stock Chart
From Jul 2023 to Jul 2024