An investigation on behalf of current long term investors in Ambac Financial Group, Inc. (OTCMKTS:ABKFQ) shares over possible breaches of fiduciary duty by certain officers and directors was announced and OTCMKTS:ABKFQ stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/05/2016 -- An investigation was announced for current long-term investors in shares of Ambac Financial Group, Inc. (OTCMKTS:ABKFQ) concerning potential breaches of fiduciary duties by certain directors and officers of Ambac Financial Group, Inc..
Investors who are current long term investors in Ambac Financial Group, Inc. (OTCMKTS:ABKFQ) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm for current long term investors in OTCMKTS:ABKFQ stocks follows a lawsuit filed against Ambac Financial Group over alleged securities laws violations. The investigation on behalf of current long term investors in OTCMKTS:ABKFQ stocks, concerns whether certain Ambac Financial Group directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that Ambac Financial Group, Inc 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.
Following the June 29, 2015 revelation that Puerto Rico would likely default on upcoming interest payments, and that as a result, Ambac Financial Group, Inc was potentially liable for up to $2.5 billion worth of Commonwealth debt Ambac Financial Group, Inc insured, Ambac Financial Group, Inc stock fell approximately 29%.
Then on May 11, 2016, Ambac Financial Group, Inc admitted in an SEC filing that management "had identified a material weakness in its internal control over financial reporting."
Those who purchased shares of Ambac Financial Group, Inc. have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com