Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
June 20, 2017 - The court ordered the authorization of the distribution of the net settlement fund.
September 6, 2016 - The court entered a new order awarding attorneys’ fees and expenses.
February 22, 2016 - The Court of Appeals vacated the court's judgement awarding plaintiffs' attorney fees and expenses.
March 30, 2015 - The court approved the settlement.
November 18, 2014 - The court preliminarily approved the settlement.
November 5, 2014 - Parties filed a stipulation of settlement.
August 29, 2013 - The lead plaintiffs filed a notice of appeal from the July 30, 2013 order.
August 5, 2013 - The court granted the renewed motion of the lead plaintiffs to issue a final judgment in favor of the defendants.
July 30, 2013 - The court granted the motion of the lead plaintiffs to issue a final judgment.
March 5, 2013 - The lead plaintiff filed an amended notice of appeal.
June 8, 2012 - The lead plaintiff filed a notice of appeal.
May 10, 2012 - The court granted the defendants' motion to dismiss and denied lead plaintiff leave to file an amended complaint.
January 7, 2011 - The defendants filed a motion to dismiss.
September 10, 2010 - The lead plaintiff filed a consolidated complaint.
May 21, 2010 - The lead plaintiff and lead counsel were appointed.
April 6, 2010 - A lead plaintiff motion was filed.
February 5, 2010 - An investor in shares of CRM Holdings Ltd (NASDAQ: CRMH) filed a lawsuit in the U.S. District Court for the Southern District of New York against CRM Holdings Ltd over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 21, 2005 and November 5, 2008.
According to the complaint the plaintiff alleges that CRM Holdings Ltd and certain of CRM Holdings Ltd's executive officers and directors violated federal securities laws by knowing or recklessly disregarding between December 21, 2005 and November 5, 2008, that their public statements concerning CRM Holdings Ltd's financial performance and prospects were materially false and misleading. On October 3, 2008, CRM Holdings Ltd disclosed that it had received a letter from the New York State Workers' Compensation Board indicating its intention to initiate legal proceedings against CRM Holdings Ltd on behalf of the Trusts related toCRM Holdings Ltd's actions while acting as the administrator and broker of record for the Trusts. On this news, over the next two days of trading, shares of CRM Holdings Ltd declined $0.61 per share, or 24.31%, to close on October 7, 2008 at $1.91 per share. Then, on November 5, 2008, CRM Holdings Ltd reported its financial results for the 2008 fiscal third quarter and announced that during third quarter CRM Holdings Ltd had approximately $2.5 million of loss reserve increases that would have otherwise been reflected in the first and second quarter of 2008. As a result of this news, so the lawsuit, over the following three days of trading, CRM Holdings Ltd shares declined $0.58 per share, or more than 36%, to close on November 7, 2008, at $1.03 per share, on high volume.
CRM Holdings Ltd is a provider of workers’ compensation insurance products. CRM Holdings Ltd’s main business activities include underwriting primary workers’ compensation policies, underwriting workers’ compensation reinsurance and excess insurance policies, and providing fee-based management and other services to self-insured entities. CRM Holdings Ltd reported in 2007 Total Revenue of $136.97million with a Net Income of $20.14million and in 2008 Total Revenue of $143.17million with a Net Loss of $1.50million. Shares of CRM Holdings Ltd (NASDAQ: CRMH) recently traded at $0.58 per share, down from its 52weekHigh of $1.58 per share, $3.96 per share in August 2008, $7.52 per share in Feb 2008, and almost $15 per share in 2006.