AmTrust Financial Services, Inc. Securities Litigation
On or around 04/22/2020 (Other)
Filing Date: March 01, 2017
According to the Complaint, 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. 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.
Company & Securities Information
Defendant: AmTrust Financial Services, Inc.
Industry: Insurance (Prop. & Casualty)
Headquarters: United States
Ticker Symbol: AFSI
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.
First Identified Complaint
Joel Rubel, et al. v. AmTrust Financial Services, Inc. , et al.