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 Tower Group International Ltd. ("Tower Group" or the "Company") (Nasdaq:TWGP) common stock between May 9, 2011 and August 7, 2013.
For more information, click here: http://zlk.9nl.com/towergroup-international/.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Tower Group was improperly accounting for the Company's loss reserves, good will and tax accounts. It is further alleged that the Company lacked adequate internal controls, and that as a result of the aforementioned, the Company's financial statements were deficient and misleading at all relevant times.
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. Upon this news, shares of Tower Group stock fell almost 25 percent to close at $16.39 per share the following day.
If you suffered a loss in Tower Group you have until October 21, 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 firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/towergroup-international/.
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