SOURCE: Kahn Swick & Foti, LLC
NEW ORLEANS, LA--(Marketwired - Sep 18, 2013) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 21, 2013 to file lead plaintiff applications in a securities class action lawsuit against Tower Group International, Ltd. (NASDAQ: TWGP), if they purchased the Company's securities during the period between May 11, 2013 and August 7, 2013, 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 Tower Group 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 (firstname.lastname@example.org) or KSF Partner Melinda Nicholson (email@example.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by October 21, 2013.
About the Lawsuit
Tower Group and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
On August 7, 2013, Tower Group announced that it was postponing the release of its second quarter 2013 financial results, stating that additional time was needed to review matters relating to its estimated loss reserves and allocation of goodwill and certain tax accounts. Then, on August 8, 2013, the Company disclosed that it may record an adverse reserve development of $60-$110 million pre-tax and that it had hired an independent actuarial firm to review selected areas of its loss reserves.
On this news, Tower Group shares fell drastically by over 24%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.