Spector, Roseman & Kodroff, P.C. Announces Class Action Suit Against Ambac Financial Group, Inc.
17 Gennaio 2008 - 7:00PM
Business Wire
The law firm of Spector, Roseman & Kodroff, P.C. announces that
a securities class action lawsuit was commenced in the United
States District Court for the Southern District of New York, on
behalf of purchasers of the common stock of Ambac Financial Group,
Inc. ("Ambac" or the "Company") (NYSE:ABK) between October 19, 2005
through November 26, 2007, inclusive (the "Class Period"). The
Complaint alleges that defendants violated the federal securities
laws by issuing materially false and misleading statements
contained in press releases and filings with the Securities and
Exchange Commission during the Class Period. Specifically, the
Complaint alleges that during the Class Period, defendants
misrepresented the Company�s business and financial results related
to its insurance coverage on collateralized debt obligations
(�CDO�) contracts. According to the complaint, the defendants
concealed from the investing public: (i) that the Company�s
financial statements were materially misstated due to its failure
to properly account for its mark-to-market losses; (ii) that, as a
result of the deterioration and the increased volatility in the
mortgage market, the Company would be forced to tighten its
underwriting standards related to its asset-backed securities,
which would have a direct material negative impact on its premium
production going forward; (iii) that the Company had far greater
exposure to anticipated losses and defaults related to its CDO
contracts containing subprime loans, including even highly rated
CDOs, than it had previously disclosed; and (iv) that the Company
lacked requisite internal controls to ensure that the Company�s
underwriting standards and its internal rating system for its CDO
contracts were adequate and, as a result, the Company�s projections
and reported results issued during the Class Period were based upon
defective assumptions and/or manipulated facts. As the truth began
to be disclosed, shares of Ambac common stock plummeted, causing
substantial losses to investors. If you purchased Ambac securities
during the Class Period, you may, no later than March 14, 2008,
move to be appointed as a Lead Plaintiff in this class action. A
Lead Plaintiff is a representative, chosen by the Court, which acts
on behalf of other class members in directing the litigation. The
Private Securities Litigation Reform Act of 1995 directs Courts to
assume that the class member(s) with the "largest financial
interest" in the outcome of the case will best serve the class in
this capacity. Courts have discretion in determining which class
member(s) have the "largest financial interest," and have appointed
Lead Plaintiffs with substantial losses in both absolute terms and
as a percentage of their net worth. If you have sustained
substantial losses in Ambac securities during the Class Period,
please contact Spector, Roseman & Kodroff, P.C. at
classaction@srk-law.com for a more thorough explanation of the Lead
Plaintiff selection process. If you have relatively small losses,
your ability to participate in any recovery will be protected by
the Lead Plaintiff(s), and you need take no affirmative steps at
this time. If you wish to join this action or have any questions
concerning this notice or your rights or interests, please contact
plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or
e-mail at classaction@srk-law.com. For more detailed information
about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia,
Pennsylvania, concentrates its practice in complex litigation
including actions dealing with securities laws, antitrust, contract
and commercial claims. The firm is active in major litigation
pending in federal and state courts throughout the United States.
The firm's reputation for excellence has been recognized on
repeated occasions by courts which have appointed the firm as lead
counsel in numerous major class actions involving violations of the
federal securities laws and the federal antitrust laws, and
consumer fraud. As a result of the efforts of the firm, and its
members, hundreds of millions of dollars have been recovered
through judgments and settlements on behalf of thousands of
defrauded shareholders and companies.
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