Law Offices of Marc S. Henzel Announces Class Action Lawsuit Against Ambac Financial Group, Inc.
18 Gennaio 2008 - 3:20PM
Marketwired
BALA CYNWYD, PA between October 19, 2005 through November 26,
2007, inclusive (the "Class Period").
The Complaint charges 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.
If you are a member of the class described above, you may, not
later than March 14, 2008 move the Court to serve as lead plaintiff
of the class, if you so choose. A lead plaintiff is a
representative party that acts on behalf of other class members in
directing the litigation. In order to be appointed lead plaintiff,
the Court must determine that the class member's claim is typical
of the claims of other class members, and that the class member
will adequately represent the class. Under certain circumstances,
one or more class members may together serve as "lead plaintiff."
Your ability to share in any recovery is not, however, affected by
the decision whether or not to serve as a lead plaintiff.
If you have any questions concerning this case or your rights or
interests with respect to these and other matters in this notice,
please contact: Marc S. Henzel, Esq. of The Law Offices of Marc S.
Henzel, 273 Montgomery Ave, Suite 202, Bala Cynwyd, PA 19004-2808,
by telephone (888) 643-6735 or (610) 660-8000, by facsimile (610)
660-8080, by e-mail at Mhenzel@Henzellaw.com or visit the firm's
website at www.Henzellaw.com.
Contact: Marc S. Henzel, Esq. The Law Offices of Marc S. Henzel
273 Montgomery Ave, Suite 202 Bala Cynwyd, PA 19004-2808 (888)
643-6735 or (610) 660-8000 facsimile: (610) 660-8080 Email Contact
www.Henzellaw.com
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