Maiden faces class-action lawsuit in US
Bermudian-based reinsurer Maiden Holdings is facing a class-action lawsuit which alleges that it made “misleading statements” about its business.
Several law firms yesterday posted press releases to persuade investors who had lost money from the sharp fall in Maiden’s share price over the past year to join the suit.
The firms aim to recover damages through the courts for buyers of Maiden shares under US securities laws.
The suit focuses on Maiden’s reinsurance of its AmTrust portfolio and states that it failed to ensure that this business was properly priced and that it did not expose Maiden to the risk of excessive losses.
The suit, which was filed in the US District Court for the District of New Jersey, on Monday, names Michael Wigglesworth as the plaintiff and Maiden Holdings Ltd, as well as former executives Arturo Raschbaum, Karen Schmitt and John Marshalek as defendants.
The action is on behalf of all purchasers of Maiden common stock between March 4, 2014 and November 9, 2018, seeking to pursue remedies under the Securities Exchange Act 1934.
Maiden’s share price has fallen more than 80 per cent over the past year and the company has reported five losses in the past six quarters.
Maiden did not respond to a request for comment by press time last night.
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