BENSALEM, Pa., Oct. 4, 2013 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") comprising all purchasers of Tower Group International, Ltd. ("Tower Group" or the "Company") (Nasdaq:TWGP) securities between May 9, 2011 and August 7, 2013, inclusive (the "Class Period"). Investors with losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position in the shareholder lawsuit and have until October 21, 2013 to file a motion with the Court to be appointed as lead plaintiff.
Tower Group is a Bermuda-based company that underwrites insurance and reinsurance products including commercial, personal and specialty insurance in Bermuda, the United States and London markets. The Complaint alleges that during the Class Period defendants issued false and misleading statements or failed to disclose that: (1) the Company failed to properly estimate its loss reserve provisions as required by Generally Accepted Accounting Principles, and (2) the Company failed to properly allocate its goodwill and certain deferred tax assets.
If you are a member of the Class described above, you have certain rights, and have until October 21, 2013 to move for lead plaintiff status. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to discuss this action, or if you purchased Tower Group securities prior to the Class Period and have any questions concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.