BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of MBIA Inc. (“MBIA” or the “Company”) (NYSE: MBI) investors concerning the Company and its officers’ possible violations of federal securities laws.
On August 6, 2019, post-market, MBIA reported a consolidated GAAP net loss of $170 million, or $2.02 per share, for second quarter 2019, compared to a consolidated GAAP net loss of $146 million, or $1.64 per share, for the second quarter of 2018. According to the Company, the loss “was mainly driven by loss and loss adjustment expense primarily related to our insurance on Puerto Rico bonds” and that “[f]air value losses on interest rate swaps resulting from lower interest rates also contributed”.
On this news, MBIA’s stock price fell $0.69 per share, or over 7%, to close at $8.66 per share on August 7, 2019, thereby injuring investors.
If you purchased MBIA securities, 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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