-
If you purchased shares of Tower Group International Ltd (NASDAQ: TWGP), 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
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
The Settlement includes: If either: you purchased or otherwise acquired the common stock of Tower Group International Ltd, or its predecessor, Tower Group Inc, between March 1, 2010 and December 17, 2013, inclusive, and were damaged thereby; or you acquired Canopius Holdings Bermuda Limited stock in the March 7, 2013 private placement in conjunction to the merger between Canopius Holdings Bermuda Limited and Tower Group Inc, and were damaged thereby.
March 21, 2017 - The court ordered the authorization of the distribution of the net settlement fund.
November 23, 2015 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
August 13, 2015 - The court preliminarily approved the settlement.
July 21, 2015 - Parties filed a stipulation of settlement.
December 30, 2014 - The court denied the defendants' motions to dismiss as moot.
December 23, 2014 - The lead plaintiffs filed an amended complaint.
December 3, 2014 - The defendants filed motions to dismiss.
August 22, 2014 - The lead plaintiffs filed an amended consolidated complaint.
June 17, 2014 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.
October 21, 2013 - Lead plaintiff motions were filed.
September 3, 2013 - Another investor filed a complaint on behalf of investors who purchased Tower Group International Ltd common shares between May 9, 2011 and August 7, 2013. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 9, 2011 and August 7, 2013.
August 20, 2013 - An investor in shares of Tower Group International Ltd (NASDAQ: TWGP) filed a lawsuit in the U.S. District Court for the Southern District of New York against Tower Group International Ltd over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 30, 2012 and August 8, 2013.
According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of Tower Group International Ltd (NASDAQ: TWGP) between July 30, 2012 and August 8, 2013, that Tower Group International Ltd and certain of its executive officers violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges, among other things, that defendants materially misrepresented and/or failed to disclose that Tower Group International Ltd allegedly failed to properly estimate its loss reserve provisions as required by Generally Accepted Accounting Principles, and that Tower Group International Ltd allegedly failed to properly allocate its goodwill and certain deferred tax assets.
Shares of Tower Group International Ltd (NASDAQ: TWGP) grew from $17.39 per share in March 2013 to $22.01 per share on August 1, 2013.
Then on August 7, 2013, Tower Group International Ltd postponed its second quarter release and conference call and on August 8, 2013, Tower Group International Ltd provided its guidance on its second quarter 2013 results. On August 9, 2013, Tower Group International Ltd filed a Notification of Late Filing on Form 12b-25 with the United States Securities and Exchange Commission.
Shares of Tower Group International Ltd (NASDAQ: TWGP) declined from $21.75 per share on August 7, 2013, to as low as $15.10 per share on August 23, 2013.