Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class
action lawsuit against Meadowbrook Insurance Group, Inc. (“Meadowbrook”
or the “Company”)(NYSE: MIG) and certain of its officers. The class
action, filed in United States District Court, Southern District of New
York, and docketed under 13 CV 5748, is on behalf of a class consisting
of all persons or entities who purchased or otherwise acquired
securities of Meadowbrook between July 30, 2012 and August 8, 2013 both
dates inclusive (the “Class Period”). This class action seeks to recover
damages against the Company and certain of its officers and directors as
a result of alleged violations of the federal securities laws pursuant
to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and
Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Meadowbrook securities during the
Class Period, you have until October 14, 2013 to ask the Court to
appoint you as Lead Plaintiff for the class. A copy of the Complaint can
be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at [email protected]
or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by
e-mail are encouraged to include their mailing address, telephone
number, and number of shares purchased.
Meadowbrook was founded in 1955 as Meadowbrook Insurance Agency and was
subsequently incorporated in Michigan in 1965.
The Complaint alleges that throughout the Class Period, Defendants made
false and/or misleading statements, as well as failed to disclose
material adverse facts about the Company’s business, operations, and
prospects. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (1) the Company’s financial
stability was severely impaired; (2) the Company’s reported goodwill was
materially inflated; (3) the Company’s capital position was not strong
enough to support its ongoing insurance operations in a sustainable
fashion; (4) the Company was in breach of its financial covenants
applicable to its credit facilities; (5) the Company lacked adequate
internal and financial controls, including controls over outstanding
claims, asset impairment charges and maintenance of an appropriate
capital position; and (6) as a result of the foregoing, the Company’s
statements were materially false and misleading at all relevant times.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San
Diego, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate misconduct.
The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com.
Copyright Business Wire 2013