Law Offices of Howard G. Smith reminds investors of the April 12, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Maiden Holdings, Ltd. (Maiden or the Company) (NASDAQ: MHLD) securities between March 4, 2014 and November 9, 2018, inclusive (the Class Period). Maiden investors have until April 12, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Maiden investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On November 9, 2018, Maiden revealed its financial results for the quarter ended September 30, 2018, including a significant $308.8 million loss and a $210.4 million adverse prior year loss development in its AmTrust segment. Maiden also stated that the sale of its business assets resulted in an impairment loss of $74.2 million. On this news, shares of Maiden fell nearly 32% to close at $2.40 per share on November 12, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Maiden lacked adequate underwriting processes and risk management controls necessary to accurately price its reinsurance policies, set appropriate loss reserves and avoid excessive losses; (2) Maiden failed to take steps necessary to properly assess and cross check the insurance portfolio of AmTrust, its largest client and a related entity, to ensure that its reinsurance of AmTrusts portfolio was properly priced and did not expose Maiden to the risk of excessive losses; (3) Maiden failed to conduct appropriate independent reviews, actuarial analyses and audits of the policies underlying its AmTrust Reinsurance segment, which would have revealed that the risk of loss from these policies was significantly understated; (4) as a result of the foregoing, Maiden was subject to materially heightened risk of financial loss, reserve charges and diminished prospects; and (5) as a result, defendants statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased shares of Maiden during the Class Period you may move the Court no later than April 12, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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