SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Maiden Holdings, Ltd. - MHLD
NEW YORK, Feb. 13, 2019 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Maiden Holdings, Ltd. ("Maiden" or the "Company") (NASDAQ: MHLD). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Maiden and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 27, 2018, Maiden reported a net loss of $133.6 million and a net adverse development of $171 million stemming from the Company's workers' compensation line of its AmTrust Reinsurance segment and from two accounts in its commercial auto line of business within the Diversified Reinsurance segment. On this news, Maiden's stock price fell $1.20 per share, or 16%, to close at $6.00 per share on February 28, 2018.
On August 9, 2018, Maiden announced its financial results for the quarter ended June 30, 2018, revealing that it had continued to sustain losses, suffering a net loss of $5.9 million for the quarter, and disclosing that Maiden had suffered an adverse prior year loss development of $28.4 million in its AmTrust Reinsurance segment. The Company also revealed that its Chief Executive Officer and Chief Financial Officer would be retiring. On this news, the price of Maiden common stock fell $3.10 per share, or 41%, to close at $4.40 per share on August 9, 2018.
Then, on November 9, 2018, Maiden announced its financial results for the quarter ended September 30, 2018, including a massive $308.8 million net loss and a $210.4 million adverse prior year loss development in just its AmTrust segment. The Company also revealed that the sale of Maiden's business assets had resulted in an impairment loss of $74.2 million. On this news, the price of Maiden common stock fell $1.12 per share, or nearly 32%, to close at $2.40 per share on November 12, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 9980
SOURCE Pomerantz LLP
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