Press release from Business Wire
Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Tower Group International, Ltd.
Thursday, September 19, 2013
Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Tower Group International, Ltd.14:36 EDT Thursday, September 19, 2013
LOS ANGELES (Business Wire) -- The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of the securities of Tower Group International, Ltd. (“Tower Group” or the “Company”) (NASDAQ:TWGP) between May 9, 2011 and August 7, 2013 (the “Class Period”). Tower Group is based in Hamilton, Bermuda, and through its subsidiaries the Company provides commercial, personal and specialty insurance products and services in the United States and specialty reinsurance products globally.
The complaint alleges that the Company misrepresented or failed to disclose that Tower Group's internal and financial controls were inadequate, that the Company was improperly accounting for its loss reserves and, as a result, the Company's statements during the foregoing period concerning Tower Group's financial condition and prospects were materially false and misleading.
On August 7, 2013, Tower Group issued a press release announcing that the Company is postponing the release of its financial results for the second quarter of 2013. According to the Company, “additional time is needed to review matters relating to the estimate of its loss reserves and, primarily due to the integration of the Canopius Bermuda merger, its allocation of goodwill and certain tax accounts.” The Company further disclosed that it is working with the assistance of outside professionals to resolve these matters and does not expect to file its report on Form 10-Q for the quarter ended June 30, 2013 by the required filing date.
Following this news, on August 8, 2013, Tower Group shares declined $5.20 per share, or more than 24%, on unusually heavy trading volume.
If you are a member of the above-described Class, you may move the Court no later than October 21, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class, you may retain counsel of your choice or take no action and remain an absent member of the Class. If you have information or would like to learn more about these claims, or if you purchased Tower Group securities before May 9, 2011, and have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Law Offices of Todd M. Garber, Los Angeles
Todd M. Garber, Attorney at Law