Johnson & Perkinson Announces Commencement of Class Action Litigation Naming Ambac Financial Group, Inc.
06 Mars 2008 - 8:01PM
Marketwired
SOUTH BURLINGTON, VT ("Ambac" or "the Company"). The action,
docket numbered 08-CV-00411, was filed in the United States
District Court for the Southern District of New York. Individuals,
families, trusts or other entities that purchased Ambac securities
between October 19, 2005 and November 26, 2007, inclusive, have the
opportunity to participate as Lead Plaintiffs in the currently
pending litigation. To do so, you must apply to serve in that
capacity by March 17, 2008.
Johnson & Perkinson, a litigation boutique law firm based in
South Burlington, Vermont, has extensive experience prosecuting
investor class actions and actions involving financial fraud.
Attorneys Johnson and Perkinson are both former employees of the
Securities and Exchange Commission. Dedicated to maximizing
shareholder return, members of Johnson & Perkinson have
prosecuted complex class actions alleging securities or consumer
fraud/deception on behalf of investors/consumers against numerous
public companies since 1985, resulting in the recovery of many
hundreds of millions of dollars, and have been singled out for
excellence by various courts. The firm is litigating, or has
recently resolved litigation, as Lead or Co-Lead Counsel in
securities class actions against Xerox, Priceline, Wireless
Facilities, i2 and Xchange, and serves on the Executive Committee
in the Global Crossing case.
The pending Complaint naming Ambac charges that Ambac and
certain of its officers and directors violated federal securities
laws by issuing materially false statements regarding the Company's
insurance coverage on collateralized debt obligations ("CDO")
contracts. Specifically, Defendants concealed the following facts:
(i) that Ambac lacked requisite internal controls to ensure that
the Company's underwriting standards and its internal rating system
for its CDO contracts were adequate, and, as a result, the
Company's projections and reported results issued during the Class
Period were based upon defective assumptions; (ii) that the
Company's financial statements were materially misstated due to its
failure to properly account for its mark-to-market losses; (iii)
that the Company would be forced to tighten its underwriting
standards related to its asset-backed securities, which would have
a direct material negative impact on its premium production going
forward; (iv) that the Company had far greater exposure to
anticipated losses and defaults related to its CDO contracts
containing subprime loans, including even highly rated CDOs, than
it had previously disclosed; (v) that Ambac had far greater
exposure to a potential ratings downgrade from one of the credit
ratings agencies than it had previously disclosed; and (vi) that
Defendants' Class Period statements about the Company's selective
underwriting practices during the 2005 through 2007 timeframe
related to its CDOs backed by subprime assets were patently
false.
If you wish to discuss this action or have any questions
concerning this announcement or rights or interests with respect to
these matters, please contact Johnson & Perkinson attorneys
James F. Conway, III or Eben F. Duval; via email at
email@jpclasslaw.com; through our website at www.jpclasslaw.com ;
or by mail at Johnson & Perkinson, 1690 Williston Road, P.O.
Box 2305, South Burlington, Vermont 05403. Attorneys at Johnson
& Perkinson can investigate your potential claims and help you
decide if seeking appointment as a Lead Plaintiff is right for you.
Your ability to share in any recovery is not affected by your
decision to not seek appointment as a Lead Plaintiff.
Contact: Eben F. Duval 802-862-0030 Email Contact
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