By GlobeNewswire, October 09, 2013, 05:33:00 PM EDT
NEW YORK, Oct. 9, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that class actions have been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased common stock of Tower Group International, Ltd. ("Tower Group" or the "Company") (Nasdaq:TWGP) between May 10, 2011 and September 17, 2013 (the "Class Period").
If you purchased Tower Group during the Class Period, you may, no later than October 21, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you purchased Tower Group and want more information about the Tower Group Securities Class Action Lawsuit please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com.
The Complaints allege that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and misleading statements and/or failed to disclose that: (a) Defendants were improperly accounting for the Company's loss reserves, good will and tax accounts; (b) the Defendants lacked the necessary internal controls over financial reporting; (c) consequently, the Company's financial statements were deficient and misleading at relevant times; and (d) based upon the above, the Defendants lacked a reasonable basis for their positive statements about the Company during the Class Period.
On August 7, 2013, the Company disclosed that it is postponing the release of its financial results for the second quarter of 2013. The Company stated that it required additional time to review matters relating to the estimate of its loss reserves and its allocation of goodwill and certain tax accounts. Following this news, shares of Tower Group stock fell almost 25 percent to close at $16.41 per share on August 8, 2013.
On September 17, 2013, Tower announced that it planned to release its second quarter 2013 financial results during the week of October 7, 2013. Following this news, the Company's stock price dropped almost 28% to close at $9.99 per share on September 18, 2013.
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Source: Morgan Securities Law