BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors 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 investors have until May 4, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Atlas investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On March 2, 2018, the Company’s shares fell $7.70 per share, over 40% in value, to close at $11.10 per share following news that Atlas Financial took a significant loss-reserve charge in the fourth quarter. The loss reserve relates largely to commercial auto claims from 2015 and prior.
The complaint filed in this class action alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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 shares of Atlas, have information or 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 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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