|[August 19, 2013]
Law Offices of Todd M. Garber Announces Investigation of Tower Group International, Ltd.
LOS ANGELES --(Business Wire)--
The Law Offices of Todd M. Garber announces that it is investigating
potential claims against Tower Group International, Ltd. ("Tower" or the
"Company") (NASDAQ:TWGP) concerning possible violations of federal
securities laws. The investigation focuses on certain statements issued
by the Company between May 9, 2011 and August 7, 2013.
Tower, through its subsidiaries, underwrites insurance and reinsurance
products in Bermuda, the United States and London markets. The
investigation is related to allegations that the Company misrepresented
or failed to disclose that Tower's internal and financial controls were
inadequate, the Company was improperly accounting for loss reserves and,
as a result, the Company's statements during the foregoing period
concerning Towe's financial condition and prospects were materially
false and misleading.
On August 7, 2013 Tower issued a press release announcing that the
Company is postponing the release of its financial results for the
second quarter of 2013. According to the Company, "additional time is
needed to review matters relating to the estimate of its loss reserves
and, primarily due to the integration of the Canopius Bermuda merger,
its allocation of goodwill and certain tax accounts." The Company
further disclosed that it is working with the assistance of outside
professionals to resolve these matters and does not expect to file its
report on Form 10-Q for the quarter ended June 30, 2013 by the required
On this news, Tower shares declined $5.20 per share, or more than 24%,
to a closing price of $16.41 per share on August 8, 2013, on unusually
heavy trading volume.
If you purchased Tower securities during the foregoing period, if you
have information or would like to learn more about these claims, or if
you purchased Tower securities prior to May 9, 2011 and wish to discuss
these matters, please contact Todd M. Garber, Esquire, of the Law
Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to email@example.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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