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Atlas Financial Holdings, Inc. (AFH)

NASDAQ:AFH

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Atlas Financial Holdings, Inc. To Contact The Firm

NEW YORK, March 28, 2018 / Globenewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Atlas Financial Holdings, Inc. (“Atlas” or the “Company”) (NASDAQ:AFH) of the May 4, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Atlas stock or options between March 13, 2017 and March 2, 2018 and would like to discuss your legal rights, please fill out the form below.  There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who acquired Atlas securities between March 13, 2017, and March 2, 2018 (the “Class Period”).  The case, Fryman et al v. Atlas Financial Holdings, Inc. et al, No. 1:18-cv-01640 was filed on March 5, 2018.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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; (4) that, as a result of the foregoing, the Company’s statements regarding its business, operations, and prospects, were false and misleading.

Specifically, after market close on March 1, 2018, the Company announced a large increase to its loss reserves. Then, on March 2, 2018, the Company filed an 8-K with the U.S. Securities and Exchange Commission disclosing the aforementioned increase to its loss reserve. Boenning & Scattergood, Inc. analyst Robert Farnam subsequently downgraded the Company’s shares to neutral. Furthermore, Bloomberg news reported that Company’s risk of default had increased.

On this news, Atlas’s share price fell from $18.80 per share on March 1, 2018 to a closing price of $11.10 on March 2, 2018—a $7.70 or a 40.96% drop.

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  • Case:
    Atlas Financial Holdings, Inc. (AFH)
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Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 03/08/2018

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