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Atlas Financial Holdings Inc (NASDAQ:AFH) Investor Securities Class Action Lawsuit 03/05/2018

  • If you purchased shares of Atlas Financial Holdings Inc (NASDAQ:AFH), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Atlas Financial Holdings Inc
Security
NASDAQ: AFH

Case Name
Atlas Financial Holdings Shareholder Class Action Lawsuit 03/05/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Illinois

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Summary

June 30, 2020 - A fourth amended complaint was filed.

May 26, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

July 17, 2019 - A motion to dismiss the third amended complaint was filed.

June 11, 2019 -A third amended complaint was filed.

April 9, 2019 - A second amended complaint was filed.

July 30, 2018 - An amended complaint was filed.

March 5, 2018 - An investor in shares of Atlas Financial Holdings Inc (NASDAQ:AFH) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by Atlas Financial Holdings Inc in connection with certain allegedly false and misleading statements made between March 13, 2017, and March 2, 2018.

Elk Grove Village, IL based Atlas Financial Holdings Inc formerly JJR VI Acquisition Corp is a Canada-based company. It is engaged in the business of providing commercial automobile insurance in the United States with a niche market orientation.

On March 1, 2018, Atlas Financial Holdings Inc announced selected preliminary unaudited financial results for its fourth quarter and year ended December 31, 2017. Atlas Financial Holdings Inc announced it took a significant loss-reserve charge in the fourth quarter related to the Company's commercial auto claims from 2015 and prior. Shares of Atlas Financial Holdings Inc (NASDAQ:AFH) declined from $19.30 per share on March 1, 2018 to $11.10 per share on March 2, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Atlas Financial Holdings Inc (NASDAQ:AFH) common shares between March 13, 2017, and March 2, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 13, 2017, and March 2, 2018, the Defendants failed to disclose that the Company failed to employ internal controls to ensure appropriate accounting practices; including, but not limited to, the calculation of certain loss reserves, that, as a result, the Company’s internal controls over financial reporting were materially weak, that as a result the Company’s financial statements were inaccurate and misleading, including by understating certain loss reserves, and that, as a result of the foregoing, Defendants’ statements about Atlas Financial’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.