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PRESS RELEASE from provider: Business Wire
This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Maiden Holdings, Ltd. Investors

February 15, 2019

LOS ANGELES--(BUSINESS WIRE)--Feb 15, 2019--Glancy Prongay & Murray LLP (“GPM”), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased Maiden Holdings, Ltd. (NASDAQ: MHLD ) (“Maiden” or the “Company”) securities between  March 4, 2014 and November 9, 2018, inclusive (the “Class Period”). Maiden investors have until  April 12, 2019 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click  here  to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to  shareholders@glancylaw.com, or visit our website at  www.glancylaw.com.

On November 9, 2018, Maiden revealed its financial results for the quarter ended September 30, 2018, including a significant $308.8 million loss and a $210.4 million adverse prior year loss development in its AmTrust segment. Maiden also stated that the sale of its business assets resulted in an impairment loss of $74.2 million. On this news, shares of Maiden fell nearly 32% to close at $2.40 per share on November 12, 2018, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Maiden lacked adequate underwriting processes and risk management controls necessary to accurately price its reinsurance policies, set appropriate loss reserves and avoid excessive losses; (2) Maiden failed to take steps necessary to properly assess and cross check the insurance portfolio of AmTrust, its largest client and a related entity, to ensure that its reinsurance of AmTrust’s portfolio was properly priced and did not expose Maiden to the risk of excessive losses; (3) Maiden failed to conduct appropriate independent reviews, actuarial analyses and audits of the policies underlying its AmTrust Reinsurance segment, which would have revealed that the risk of loss from these policies was significantly understated; (4) as a result of the foregoing, Maiden was subject to materially heightened risk of financial loss, reserve charges and diminished prospects; and (5) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased shares of Maiden during the Class Period you may move the Court no later than  April 12, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190215005578/en/

CONTACT: Glancy Prongay & Murray LLP, Los Angeles

Lesley Portnoy, 310-201-9150 or 888-773-9224

www.glancylaw.com

shareholders@glancylaw.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL

SOURCE: Glancy Prongay & Murray LLP

Copyright Business Wire 2019.

PUB: 02/15/2019 05:44 PM/DISC: 02/15/2019 05:44 PM

http://www.businesswire.com/news/home/20190215005578/en