Meadowbrook Insurance Group, Inc. (NYSE:MIG) Shareholder Class Action Lawsuit

On August 15, 2013, an investor who previously purchased stock shares from Meadowbrook Insurance Group, Inc. filed a class action lawsuit on behalf of everyone who purchased stocks from Meadowbrook Insurance Group, Inc. against this company in the U.S. District Court for the Southern District of New York. In the lawsuit, the investor alleges that Meadowbrook Insurance Group, Inc. committed violations of Federal Securities laws by making false and misleading statements between July 30, 2012 and August 8, 2013.

If you have purchased shares of Meadowbrook Insurance Group, Inc. (NYSE:MIG) between July 30, 2012 and August 8, 2013, call 1-800-934-2921 right now to protect your rights.

Filing deadline:  10/14/2013

Some of Meadowbrook Insurance Group's officers and directors violated portions of the Securities Exchange Act of 1934 by not disclosing a lot of information relevant to investors according to the complaint that has been filed. The plaintiff alleges that the defendants neglected to disclose that they were financially unstable; did not disclose that they had materially inflated their goodwill reports; did not mention that they were not making enough capital to successfully sustain their ongoing insurance operations; failed to disclose that they were in breach of their contracts with credit facilities; omitted revealing that their internal and financial controls were weak; and were not open about their assets being impaired.

The plaintiff is also accusing Meadowbrook Insurance Group, Inc. of not revealing to investors that on August 9, 2013, they announced that they filed a form with the U.S. Securities and Exchange Commission to gain additional time to estimate the impact their goodwill activity had on their finances; not disclosing that their 2012 annual total revenue was up to $996.76 million from $750.07 million in 2010 and that their net income fell from $58.97 million to $11.75 million during this period of time; not disclosing that their shares declined from $11.87 per share at the beginning of 2012 to $5.29 per share at the end of the year; and not revealing that their shares fell almost three dollars to $6.36 per share from the previous year.

Own shares of Meadowbrook Insurance Group, Inc. (NYSE:MIG)? Contact us to protect your rights.

If you have purchased shares of Meadowbrook Insurance Group, Inc. (NYSE:MIG) between July 30, 2012 and August 8, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights. 

Complete the form below for a free no obligation consultation. 

 

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