Atlas Financial purportedly provides specialty commercial transportation insurance for taxi, limousine, paratransit and other transport businesses around the United States.
According to the law firm press release, the complaint filed in this class action alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company failed to employ internal controls to ensure appropriate accounting practices; including, but not limited to, the calculation of certain loss reserves; (2) that, as a result, the Company’s internal controls over financial reporting were materially weak; (3) that as a result the Company’s financial statements were inaccurate and misleading, including by understating certain loss reserves; and, (4) that, as a result of the foregoing, Defendants’ statements about Atlas Financial’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On May 15, 2018, the Court issued an Order appointing Lead Plaintiffs and Counsel. On July 30, Lead Plaintiffs filed an amended Complaint.