LOS ANGELES -- (Business Wire)
Glancy
Prongay & Murray LLP (“GPM”), a global investors rights law
firm, announces that a class action lawsuit has been filed on behalf of
investors that purchased Maiden Holdings, Ltd. (NASDAQ: MHLD)
(“Maiden” or the “Company”) securities between March 4, 2014 and
November 9, 2018, inclusive (the “Class Period”). Maiden investors
have until April 12, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to
participate.
If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire, at
310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com,
or visit our website at www.glancylaw.com.
On November 9, 2018, Maiden revealed its financial results for the
quarter ended September 30, 2018, including a significant $308.8 million
loss and a $210.4 million adverse prior year loss development in its
AmTrust segment. Maiden also stated that the sale of its business assets
resulted in an impairment loss of $74.2 million. On this news, shares of
Maiden fell nearly 32% to close at $2.40 per share on November 12, 2018,
thereby injuring investors.
The complaint filed in this class action alleges that throughout the
Class Period Defendants made false and/or misleading statements and/or
failed to disclose that: (1) Maiden lacked adequate underwriting
processes and risk management controls necessary to accurately price its
reinsurance policies, set appropriate loss reserves and avoid excessive
losses; (2) Maiden failed to take steps necessary to properly assess and
cross check the insurance portfolio of AmTrust, its largest client and a
related entity, to ensure that its reinsurance of AmTrust’s portfolio
was properly priced and did not expose Maiden to the risk of excessive
losses; (3) Maiden failed to conduct appropriate independent reviews,
actuarial analyses and audits of the policies underlying its AmTrust
Reinsurance segment, which would have revealed that the risk of loss
from these policies was significantly understated; (4) as a result of
the foregoing, Maiden was subject to materially heightened risk of
financial loss, reserve charges and diminished prospects; and (5) as a
result, defendants’ statements about its business, operations, and
prospects, were materially false and misleading and/or lacked a
reasonable basis at all relevant times.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of Maiden during the Class Period you may move
the Court no later than April 12, 2019 to ask the Court to
appoint you as lead plaintiff. To be a member of the Class you need not
take any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century
Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
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/20190215005578/en/
Contacts:
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com
Source: Glancy Prongay & Murray LLP
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