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Ambac Financial Group Inc (OTC: ABKFQ) Investor Securities Class Action Lawsuit 06/28/2016

  • If you purchased shares of Ambac Financial Group Inc (OTC: ABKFQ), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Ambac Financial Group
Security
OTCMKTS: ABKFQ

Case Name
Ambac Financial Group Shareholder Class Action Lawsuit 06/28/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 5, 2017 - The court granted defendants motion to dismiss.

February 27, 2017 - Defendants filed a motion to dismiss.

November 23, 2016 - The lead plaintiff filed an amended complaint.

October 11, 2016 - Lead plaintiff and lead counsel were appointed.

August 29, 2016 - Lead plaintiff motion was filed.

June 28, 2016 - An investor in shares of Ambac Financial Group Inc (OTC: ABKFQ) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Ambac Financial Group Inc in connection with certain allegedly false and misleading statements made between November 13, 2013 and June 30, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Ambac Financial Group Inc (OTC: ABKFQ) common shares between November 13, 2013 and June 30, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 13, 2013 and June 30, 2015 Ambac Financial Group Inc made materially false and misleading statements and omitted material facts concerning the Company’s losses and loss exposure on its public finance bond portfolio, risk management, and internal controls.

Following the June 29, 2015 revelation that Puerto Rico would likely default on upcoming interest payments, and that as a result, Ambac Financial Group Inc was potentially liable for up to $2.5 billion worth of Commonwealth debt Ambac Financial Group Inc insured, Ambac Financial Group Inc stock fell approximately 29%.

Then on May 11, 2016, Ambac Financial Group Inc admitted in an SEC filing that management “had identified a material weakness in its internal control over financial reporting.”