SOURCE: Kahn Swick & Foti, LLC

Kahn Swick & Foti

July 08, 2016 22:07 ET

AMBAC SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: KAHN SWICK & FOTI, LLC REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Ambac Financial Group, Inc. - AMBC

NEW ORLEANS, LA--(Marketwired - July 08, 2016) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until August 29, 2016 to file lead plaintiff applications in a securities class action lawsuit against Ambac Financial Group, Inc. (NASDAQ: AMBC), if they purchased the Company's securities between November 13, 2013 and June 30, 2015, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.

What You May Do

If you purchased shares of Ambac and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by August 29, 2016.

About the Lawsuit

Ambac and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

The alleged false and misleading statements and omissions include that: (i) given the deterioration in Ambac's bond portfolio, Ambac had extensive loss exposure; (ii) Ambac's credit risk surveillance strategies were inadequate; (iii) Ambac was not timely implementing mitigation strategies; and (iv) Ambac failed to maintain adequate internal controls.

On June 29, 2015, it was announced that Puerto Rico could not pay back more than $70 billion in debt and would likely default on interest payments, making Ambac potentially liable for up to $2.5 billion of Puerto Rico's debt that it insures.

About Kahn Swick & Foti, LLC

KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact Information

  • Contact:
    Kahn Swick & Foti, LLC
    Lewis Kahn
    Managing Partner
    lewis.kahn@ksfcounsel.com
    1-877-515-1850
    206 Covington St.
    Madisonville, LA 70447