NEW YORK–(BUSINESS WIRE)–The law firm of Kirby McInerney LLP is investigating potential claims against Atlas Financial Holdings, Inc. (“Atlas” or the “Company”) (NASDAQ:AFH). This investigation concerns whether Atlas has violated federal securities laws and/or engaged in other unlawful business practices.
“[a]ctuarial work conducted in connection with year-end indicated a need to increase reserve estimates for unpaid losses due primarily to bodily injury claims from accident years 2016 and prior.”
On March 4, 2019, Atlas issued a press release announcing, among other things, that “[a]ctuarial work conducted in connection with year-end indicated a need to increase reserve estimates for unpaid losses due primarily to bodily injury claims from accident years 2016 and prior.” Specifically, the Company’s President and Chief Executive Officer stated that “[t]hese claims are showing higher severity and have been open for longer periods than we had estimated” and that Atlas had “strengthened reserves to account for the possibility of higher costs for the tail on these prior accident years.”
On this news, Atlas’s share price fell $4.14 per share, or 60.88%, to close at $2.66 on March 5, 2019.
If you acquired Atlas securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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