RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Atlas Financial Holdings, Inc. (“Atlas” or the “Company”) (NASDAQ: AFH) securities between March 13, 2017, and March 2, 2018, inclusive (the “Class Period”).
Atlas shareholders may, no later than May 4, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Atlas and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Atlas Financial Holdings Inc. is a specialty commercial transportation insurer of taxi cabs, limousines, paratransit and other transport businesses around the United States.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company failed to employ internal controls to ensure appropriate accounting practices, including, but not limited to, the calculation of certain loss reserves; (ii) the Company’s internal controls over financial reporting were materially weak; (iii) the Company’s financial statements were inaccurate and misleading, including by understating certain loss reserves; and (iv) that as a result of the foregoing, Atlas’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On March 1, 2018, post-market, the Company issued a press release entitled “Atlas Financial Holdings Announces Preliminary 2017 Fourth Quarter and Year End Financial Results,” announcing a large increase in its reserves.
On this news, the Company’s share price fell $7.70, or 40.96%, to close at $11.10 per share on March 2, 2018, on unusually heavy trading volume.
If you are a member of the class, you may, no later than May 4, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.