Glancy Prongay & Murray LLP ("GPM") reminds investors of the May 4, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Atlas Financial Holdings, Inc. ("Atlas" or the "Company") AFH securities between March 13, 2017, and March 2, 2018, inclusive (the "Class Period").
To obtain information or actively participate in the class action, please visit the Atlas page on our website at www.glancylaw.com/case/atlas-financial-holdings-inc.
Investors suffering losses on their Atlas investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.
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.
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If you purchased shares of Atlas during the Class Period you may move the Court no later than May 4, 2018 to ask the Court to appoint you as lead. 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180424006700/en/
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