Spector, Roseman & Kodroff, P.C. Files Class Action Suit Against Ambac Financial Group, Inc.
26 Febbraio 2008 - 11:00PM
Business Wire
The law firm of Spector, Roseman & Kodroff, P.C. has filed a
class action suit 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 17, 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.
Grafico Azioni AMBAC (NYSE:ABK)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni AMBAC (NYSE:ABK)
Storico
Da Set 2023 a Set 2024
Notizie in Tempo Reale relative a Ambac Financial Grp. Common Stock (Borsa di New York (NYSE)): 0 articoli recenti
Più Spector, Roseman & Kodroff, P.C. Articoli Notizie