LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of purchasers of the common stock of Tower Group International, Ltd. (“Tower” or the “Company”) (NASDAQ:TWGP) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by the Company concerning Tower’s financial performance.
Please contact us at (212) 682-5340, Toll-Free at (888) 773-9224, or at email@example.com to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
Tower is Bermuda-based and through its subsidiaries underwrites insurance and reinsurance products including commercial, personal, and specialty insurance, in Bermuda, the United States and London markets. On August 7, 2013 the Company issued a press release announcing that Tower is postponing the release of its financial results for the second quarter of 2013 and its previously announced conference call to discuss the results, originally scheduled for August 8, 2013. In the press release, the Company stated that “additional time is needed to review matters relating to the estimate of its loss reserves and, primarily due to the integration of the Canopius Bermuda merger, its allocation of goodwill and certain tax accounts.” The Company further disclosed that it is working with the assistance of outside professionals to resolve these matters and does not expect to file its report on Form 10-Q for the quarter ended June 30, 2013 by the required filing date of August 9, 2013.
Following this news, the price of Tower shares dropped $5.20 per share, or more than 24%, to a closing price of $16.41 per share on August 8, 2013, on volume of more than three million shares traded.
If you purchased Tower common stock, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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