NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all persons or entities who purchased or otherwise acquired Atlas Financial Holdings, Inc. (NASDAQ: AFH) securities between March 13, 2017 and March 2, 2018 (the “Class Period”). Investors have until May 4, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On March 2, 2018, Atlas announced it took a significant loss-reserve charge in the fourth quarter related to certain claims from 2015 and prior. Following this news, the Company's share price fell $7.70 per share, or over 40%, to close at $11.10 per share on March 2, 2018.
The complaint alleges that Defendants failed to disclose: (1) that the Company failed to employ internal controls to ensure appropriate accounting practices; including, but not limited to, the calculation of certain loss reserves; (2) that, as a result, the Company's internal controls over financial reporting were materially weak; (3) that as a result the Company's financial statements were inaccurate and misleading, including by understating certain loss reserves; and, (4) that, as a result of the foregoing, Defendants' statements about Atlas Financial’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Atlas securities and suffered a loss, continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Atlas Financial Holdings, Inc. lawsuit, please go to http://www.bespc.com/atlasfinancial. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.