|[September 21, 2013]
Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Tower Group International, Ltd.
LOS ANGELES --(Business Wire)--
The Law Offices of Todd M. Garber announces that all purchasers of Tower
Group International, Ltd. ("Tower Group" or the "Company") (NASDAQ:TWGP)
securities between May 9, 2011 and August 7, 2013 (the "Class Period')
have until October 21, 2013 to file a motion to be appointed as lead
plaintiff in the shareholder lawsuit filed in the United States District
Court for the Southern District of New York.
Tower Group is based in Hamilton, Bermuda, and through its subsidiaries
the Company provides commercial, personal and specialty insurance
products and services in the United States and specialty reinsurance
products globally. The complaint alleges that the Company misrepresented
or failed to disclose that Tower Group's internal and financial controls
were inadequate, that the Company was improperly accounting for its loss
reserves and, as a result, the Company's statements during the foregoing
period concerning Tower Grou's financial condition and prospects were
materially false and misleading.
On August 7, 2013, Tower Group 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
Following this news, on August 8, 2013, Tower Group shares declined
$5.20 per share, or more than 24%, on unusually heavy trading volume.
If you are a member of the above-described Class, you may move the Court
no later than October 21, 2013 to serve as lead plaintiff; however, you
must meet certain legal requirements. To be a member of the Class, you
may retain counsel of your choice or take no action and remain an absent
member of the Class. If you have information or would like to learn more
about these claims, or if you purchased Tower Group securities before
May 9, 2011, and have any questions concerning this announcement or your
rights or interests with respect to 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 firstname.lastname@example.org.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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