Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against Maiden Holdings, Ltd. (MHLD)
LOS ANGELES--(BUSINESS WIRE)--Feb 20, 2019--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the April 12, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Maiden Holdings, Ltd. (“Maiden” or the “Company”) (NASDAQ: MHLD ) 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 email@example.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.
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If you purchased shares of Maiden, 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 firstname.lastname@example.org, 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.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190220006025/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 02/20/2019 07:48 PM/DISC: 02/20/2019 07:48 PM