NEW YORK, NY--(Marketwired - July 05, 2016) - The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased shares of Ambac Financial Group, Inc. ("Ambac Financial") (NASDAQ: AMBC) between November 13, 2013 and June 30, 2015. You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the Southern District of New York. To get more information go to:
or contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that throughout the Class Period, Ambac made materially false and misleading statements and omitted material facts concerning the Company's losses and loss exposure on its public finance bond portfolio, risk management, and internal controls. The complaint further alleges that these misstatements allowed the stock to trade at artificially inflated prices throughout the Class Period.
Following the June 29, 2015 revelation that Puerto Rico would likely default on upcoming interest payments, and that as a result, Ambac was potentially liable for up to $2.5 billion worth of Commonwealth debt the Company insured, Ambac stock fell approximately 29%, causing investors substantial losses. Then on May 11, 2016, Ambac admitted in an SEC filing that management "had identified a material weakness in its internal control over financial reporting."
If you suffered a loss in Ambac Financial you have until August 29, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.