Maiden faces class-action lawsuit in US

  • Maiden Holdings: facing class-action lawsuit

    Maiden Holdings: facing class-action lawsuit

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.

You must be registered or signed-in to post comment or to vote.

Published Feb 13, 2019 at 8:00 am (Updated Feb 12, 2019 at 11:22 pm)

Maiden faces class-action lawsuit in US

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "David Burt has given his government a B+ rating for its first three years in power. What say you?"
    • A
    • 5%
    • A-
    • 5%
    • B+
    • 10%
    • B
    • 8%
    • B-
    • 7%
    • C
    • 18%
    • D
    • 17%
    • F
    • 29%
    • Total Votes: 5918
    • Poll Archive

    Today's Obituaries

    eMoo Posts