According to the Complaint, AmTrust Financial Services, Inc. ("AmTrust") is a multinational insurance holding company headquartered in New York City. It offers specialty property and casualty insurance products, including workers’ compensation, commercial automobile, general liability and extended service and warranty coverage through its primary insurance subsidiaries.

The Complaint alleges the Offering Registration Statement and Prospectus incorporated financial reports issued in 2014 and parts of 2015, but these were materially false and misleading due to substantially identical misapplications of Generally Accepted Accounting Principles (“GAAP”). As AmTrust reported in early 2017, certain restatements needed to be made to fairly set forth its financial results, and previous statements could no longer be relied upon.

A consolidated Complaint was filed on August 21, 2017. Lead Plaintiff filed a consolidated second amended Complaint on November 26, 2018. Defendants filed a Motion to Dismiss the consolidated second amended Complaint on December 5. On September 9, 2019, the Court issued an Order granting Defendants' Motion to Dismiss.

Lead Plaintiff filed a third consolidated amended Complaint on November 5, 2019. Defendants filed a Motion to Dismiss the third consolidated amended Complaint on January 10, 2020. On April 20, the Court issued an Order granting Defendants' Motion to Dismiss, dismissing the case with prejudice. Lead Plaintiff filed a notice appealing the Court's Dismissal Order on May 22, 2020.

On August 23, 2023, the Court of Appeals affirmed in substantial part and vacated in part the District Court's Dismissal Order. The case was remanded to the District Court for further proceedings.