NEW YORK, Oct. 1, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Meadowbrook Insurance Group, Inc. ("Meadowbrook" or the "Company") (NYSE:MIG) stock between July 30, 2012 and August 8, 2013.
For more information, click here: http://zlk.9nl.com/meadowbrook-insurance-mig/.
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and/or failed to disclose the following materially adverse facts: (a) that the Company's financial stability was severely impaired; (b) that the Company's reported goodwill was materially inflated; (c) that the Company's capital position was not strong enough to support its ongoing insurance operations; (d) that the Company was in breach of its financial covenants applicable to its credit facilities; and (e) that the Company lacked adequate internal and financial controls, including controls over outstanding claims, asset impairment charges and maintenance of an appropriate capital position.
On August 9, 2013, Meadowbrook announced it would delay filing its Quarterly Report on Form 10-Q for the quarter ended June 30, 2013. On August 14, 2013, Meadowbrook announced it would take a $115.4 million non-cash impairment of goodwill in the three months ended June 30, 2013.
If you suffered a loss in Meadowbrook you have until October 15, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/meadowbrook-insurance-mig/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP