NEW YORK, Aug. 26, 2016 /PRNewswire/ -- 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:
zlk.9nl.com/ambac
or contact Joseph E. Levi, Esq.
either via email at jlevi@zlk.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.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
30 Broad Street - 24th Floor
New York, NY
10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com
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SOURCE Levi & Korsinsky, LLP