Case Page

 

Case Status:    DISMISSED    
On or around 09/06/2017 (Date of order of final judgment)

Filing Date: June 28, 2016

According to the law firm press release, the complaint alleges that throughout the Class Period, Ambac made materially false and misleading statements and omitted material facts concerning the Company’s losses and loss exposure on its public finance bond portfolio, risk management, and internal controls. The complaint further alleges that these misstatements allowed the stock to trade at artificially inflated prices throughout the Class Period.

Following the June 29, 2015 revelation that Puerto Rico would likely default on upcoming interest payments, and that as a result, Ambac was potentially liable for up to $2.5 billion worth of Commonwealth debt the Company insured, Ambac stock fell approximately 29%, causing investors substantial losses. Then on May 11, 2016, Ambac admitted in an SEC filing that management “had identified a material weakness in its internal control over financial reporting.”

On October 11, 2016, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended complaint on November 23.

On September 5, 2017, the Court issued an Order granting Defendants' Motion to Dismiss.

COMPANY INFORMATION:

Sector: Financial
Industry: Consumer Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AMBC
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 16-CV-05076
JUDGE: Hon. Richard M. Berman
DATE FILED: 06/28/2016
CLASS PERIOD START: 11/13/2013
CLASS PERIOD END: 06/30/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky (Stamford)
    733 Summer Street, Suite 304, Levi & Korsinsky (Stamford), CT 06901
    203-992-4523 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 16-CV-05076
JUDGE: Hon. Richard M. Berman
DATE FILED: 11/23/2016
CLASS PERIOD START: 11/13/2013
CLASS PERIOD END: 11/17/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky (Stamford)
    733 Summer Street, Suite 304, Levi & Korsinsky (Stamford), CT 06901
    203-992-4523 ·
No Document Title Filing Date