Kaplan Fox Seeks to Recover Losses for Investors Who Purchased the Securities of Ambac Financial Group, Inc.
27 Février 2008 - 8:32PM
Marketwired
NEW YORK, NY filed a class action suit in the United States
District Court for the Southern District of New York on behalf of
all persons who purchased the securities of Ambac Financial Group,
Inc. ("Ambac" or the "Company") (NYSE: ABK) between October 19,
2005 and January 15, 2008, inclusive (the "Class Period") against
Ambac and certain of its officers and directors for violations of
the Securities Exchange Act of 1934.
The Complaint alleges that during the Class Period the Company
issued materially false and misleading statements about Ambac's
business and financial results and materially misrepresented, inter
alia, its exposure to collateralized debt obligations ("CDOs") and
subprime mortgages. It is also alleged that defendants failed to
mark down the Company's CDO and other mortgage-backed security
assets in a timely manner, resulting in the Company issuing
materially false and misleading financial statements and results.
Moreover, it is alleged that certain executives of the Company
reaped millions of dollars in proceeds from the sale of Ambac
shares during the Class Period at artificially inflated prices.
It is also alleged that on January 16, 2008 Ambac announced its
preliminary fourth quarter 2007 results which included an estimated
net loss of $3.4 billion for the fourth quarter, including an
approximate $1.1 billion loss that was attributed to CDOs backed by
subprime mortgages. As a result, it is alleged the price of Ambac
stock plummeted on January 16, 2008 to close at $12.97 per share, a
38% decline from the prior day close.
If you are a member of the proposed Class, you may move the
court no later than March 17, 2008 to serve as a lead plaintiff for
the Class. You need not seek to become a lead plaintiff in order to
share in any possible recovery.
Plaintiff seeks to recover damages on behalf of the Class and is
represented by Kaplan Fox & Kilsheimer LLP. Our firm, with
offices in New York, San Francisco, Los Angeles, Chicago and New
Jersey, has many years of experience in prosecuting investor class
actions and actions involving financial fraud. For more information
about Kaplan Fox & Kilsheimer LLP, or to review a copy of the
complaint filed in this action, you may visit our website at
www.kaplanfox.com.
If you have any questions about this Notice, the action, your
rights, or your interests, please e-mail us at mail@kaplanfox.com
or contact:
Frederic S. Fox Joel B. Strauss Donald R. Hall Jeffrey P.
Campisi KAPLAN FOX & KILSHEIMER LLP 850 Third Avenue, 14th
Floor New York, New York 10022 (800) 290-1952 (212) 687-1980 Fax:
(212) 687-7714 E-mail address: mail@kaplanfox.com Laurence D. King
KAPLAN FOX & KILSHEIMER LLP 350 Sansome Street, Suite 400 San
Francisco, California 94104 (415) 772-4700 Fax: (415) 772-4707
E-mail address: mail@kaplanfox.com
AMBAC (NYSE:ABK)
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