NEW YORK, March 6, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Atlas Financial Holdings, Inc. ("Atlas" or the "Company") (NASDAQ: AFH). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Atlas and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 4, 2019, Atlas issued a press release announcing, among other things, that "[a]ctuarial work conducted in connection with year-end indicated a need to increase reserve estimates for unpaid losses due primarily to bodily injury claims from accident years 2016 and prior." Specifically, the Company's President and Chief Executive Officer stated that "[t]hese claims are showing higher severity and have been open for longer periods than we had estimated" and that Atlas had "strengthened reserves to account for the possibility of higher costs for the tail on these prior accident years."
Following this announcement, Atlas's stock price fell $4.14 per share, or 60.88%, to close at $2.66 on March 5, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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 80 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.
Robert S. Willoughby
SOURCE Pomerantz LLP