||AmTrust Financial Services, Inc.
||United States District Court for the Southern District of New York
||The Hon. Lewis Kaplan
||Between May 10, 2016 and February 24, 2017
On March 1, 2017, the initial complaint in this securities class action was filed against AmTrust Financial Services, Inc. (“AmTrust” or the “Company”), and certain of AmTrust’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. The Complaint alleges that, throughout the class period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) AmTrust had ineffective assessment of the risks associated with its financial reporting; (ii) the Company had an insufficient corporate accounting and financial reporting resources within the organization; (iii) in turn, the Company lacked effective internal controls over financial reporting; and (iv) as a result of the foregoing, AmTrust’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
Lead Plaintiff filed its Third Amended Complaint on November 5, 2019. Defendants filed a Motion to Dismiss that complaint on January 10, 2020. On April 20, 2020 the Court issued an Order granting defendants' Motion to Dismiss and dismissing the case with prejudice. On May 22, 2020. Lead Plaintiff appealed the Court's Dismissal Order to the United States Court of Appeals for the Second Circuit. This action is still ongoing.
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