| COMPANY |
AmTrust Financial Services, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
17-cv-01545 |
| JUDGE |
The Hon. Lewis Kaplan |
| CLASS PERIOD |
May 10, 2016 and February 24, 2017 |
| SECURITY TYPE |
Securities |
Case Background:
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:
On November 5, 2019, Lead Plaintiff filed its third consolidated amended complaint (the “Amended Complaint”). Defendants filed a Motion to Dismiss the Amended Complaint on January 10, 2020. On April 20, 2020, 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 Second Circuit Court of Appeals sent certain issues back to the District Court for the case to proceed. This action is still ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.