NEW YORK, Aug. 30, 2019 /PRNewswire/ -- Wolf Popper LLP has filed a securities class action lawsuit in the U.S. District Court for the Southern District of New York against AmTrust Financial Services, Inc. ("AmTrust"), Barry D. Zyskind, George Karfunkel, and Leah Karfunkel (together, "Defendants"). The case, No. 1:19-cv-08030-KPF, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder on behalf of investors who purchased any of the six series of AmTrust's preferred shares during the period January 22, 2018 through January 18, 2019, and were damaged thereby.
Beginning on January 22, 2018, Defendants made repeated statements that, unlike AmTrust's common shares, which would be purchased by the company's controlling shareholder and delisted as part of a merger, the six series of publicly traded AmTrust preferred stock would continue to be listed on the New York Stock Exchange and would remain listed and outstanding. On January 18, 2019, less than two months after the close of the merger, AmTrust announced the delisting of all six series of its preferred stock.
The very next trading day following the announcement, the prices of all six series of the preferred stock dropped by almost 40%, losing hundreds of millions of dollars in value.
If you are a member of the proposed Class, and wish to serve as Lead Plaintiff, you must file a motion with the Court no later than October 30, 2019. A lead plaintiff is a representative party acting on behalf of other Class members in directing the litigation. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice. Members may also choose to do nothing and remain part of the proposed Class.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Ten Wolf Popper attorneys were named Super Lawyers or Rising Stars in the 2018 Super Lawyers New York City Metro Edition, including Wolf Popper partner Carl Stine, who was included in the Super Lawyers Top 100 List for the New York City Metro area. More information about Wolf Popper and the biographies of its attorneys can be found on the firm's website at www.wolfpopper.com.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Carl Stine at (212) 759-4600 or firstname.lastname@example.org.
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