NEW YORK, Sept. 27, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Tower Group International Ltd. ("Tower" or the "Company")(Nasdaq:TWGP) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 13-cv-6181, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Tower between May 9, 2011 and August 7, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Tower securities during the Class Period, you have until October 21, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Tower, headquartered in Hamilton, Bermuda, through its subsidiaries, underwrites insurance and reinsurance products in Bermuda, the United States, and London markets. The Company provides commercial, personal, and specialty insurance and reinsurance products.
The Complaint alleges 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/or misleading statements and/or failed to disclose that: (i) defendants were improperly accounting for the Company's loss reserves; (ii) defendants were improperly accounting for the Company's good will and tax accounts; (iii) the Company lacked the necessary internal controls over financial reporting; and, (v) as a result the Company's financial statements were deficient and misleading at all relevant times.
On August 7, 2013, after the close of market, the Company disclosed that it is postponing the release of its financial results for the second quarter of 2013. The Company stated that its management concluded that 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.
On this news, Tower securities declined $5.21 per share or nearly 25%, to close at $16.39 per share on August 8, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP email@example.comSource:Pomerantz Grossman Hufford Dahlstrom & Gross LLP