BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming August 29, 2016 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased Ambac Financial Group, Inc. ("Ambac" or the "Company") (NASDAQ: AMBC) securities between November 13, 2013 and June 30, 2015, inclusive (the “Class Period”).
According to the lawsuit, throughout the Class Period defendants issued false and misleading statements to investors regarding the Company’s exposure to defaulting Puerto Rican bonds insured by the Company, and/or failed to disclose that: (1) Ambac had far greater losses and loss exposure to anticipated defaults in its public finance bond portfolio than it had previously disclosed; (2) Ambac’s credit risk surveillance strategies were inadequate; (3) Ambac was failing to implement mitigation strategies in a timely manner to stabilize the residual value of its financial guarantee business; (4) as a result, Ambac’s financial condition was much worse than represented; and (5) Ambac failed to maintain adequate internal controls over financial reporting. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Ambac shares during the Class Period, you may move the Court no later than August 29, 2016 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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