WILMINGTON, Del., Aug. 12, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Ambac Financial Group, Inc. (NASDAQ:AMBC)?
- Did you purchase your shares between November 13, 2013 and June 30, 2015, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. reminds shareholders of Ambac Financial Group, Inc. (“Ambac” or the
“Company”) (NASDAQ:AMBC) of an upcoming deadline involving a securities fraud class action lawsuit commenced against the
Company. A complaint was filed in the United States District Court for the Southern District of New York on behalf of all
persons or entities that purchased the common stock of Ambac Financial Group, Inc. (“Ambac” or the “Company”) (NASDAQ:AMBC) between
November 13, 2013 and June 30, 2015, inclusive, (the “Class Period”), alleging violations of the Securities Exchange Act of 1934
against the Company and certain of its officers (the “Complaint”).
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading
statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the
Complaint alleges that the defendants concealed from the investing public that: (1) given the deterioration and increased
volatility in the Company’s bond portfolio, including its Puerto Rican bonds, the Company had far greater losses and loss exposure
to anticipated defaults than it had previously disclosed; (2) the Company’s credit risk surveillance strategies were inadequate;
(3) the Company was failing to implement mitigation strategies in a timely manner to stabilize the residual value of its financial
guarantee business; (4) as a result of the foregoing, the Company’s financial condition was much worse than represented; and (5)
Ambac failed to maintain adequate internal controls over financial reporting. As a result of defendants’ alleged false and
misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
If you wish to serve as lead plaintiff, you must move the Court no later than August 29,
2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the
litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice,
or may choose to do nothing and remain an absent class member.
If you purchased shares of Ambac during the Class Period, or purchased shares prior to the Class Period
and still hold Ambac, and wish to discuss this action or have
any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite
120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/ambac-financial-group-inc-ambc.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Rigrodsky & Long, P.A. Timothy J. MacFall, Esquire Peter Allocco (888) 969-4242 (516) 683-3516 Fax: (302) 654-7530 info@rl-legal.com http://www.rigrodskylong.com
