Quanta Capital Holdings, Ltd. ("Quanta" or the Company) is a global company that provides specialty insurance, reinsurance and risk assessment products.

The original Complaint charges that Defendants Quanta, Quanta officers and/or directors as well as underwriters Friedman, Billings & Ramsey, Ltd. and BB&T Capital Markets made, or facilitated, misleading statements in two prospectuses (the "Prospectuses") issued in connection with the December 14, 2005 offering of 11,423,340 common shares at $4.75 per share and 3,000,000 10.25% Series A preferred shares at $25 per share.

The Complaint further alleges that with seventeen days to go in the fourth quarter, the Prospectuses stated that Quanta's estimated net losses for 2005 were $68.5 million. As revealed on March 2, 2006, the last day of the Class Period, net losses were $78.7 million -- 15% higher. As a result of this news, Quanta common stock plunged on extremely heavy trading volume from $4.73 per share to $2.83 per share, a decline of approximately 40%. Preferred Quanta shares are trading today around $18 per share -- a significant decline from the $25 preferred offering price.

In May 2007, Washington State Plumbing and Pipefitting Pension Trust was appointed lead Plaintiff and Schiffrin Barroway Topaz and Kessler was appointed lead Counsel. On July 16, 2007, an Amended Class Action Complaint was filed. A Corrected Amended Complaint was filed the next day. On September 28, 2007, the Defendants filed several motions to dismiss the Amended Class Action Complaint. On January 22, 2009, the Defendants’ motions to dismiss were granted and the Complaint was dismissed in its entirety.