AmTrust Financial Services, Inc. (Nasdaq: AFSI)
A class action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Greenlane Holdings, Inc. (Nasdaq: GNLN) securities during the period between January 22, 2018 and January 18, 2019, (the “Class Period”).
The lawsuit alleges that in connection with AmTrust's merger announced in 2018, AmTrust informed investors that, unlike AmTrust's common shares, which were being acquired in the Buyout, the six series of publicly traded AmTrust preferred stock were not being purchased in the Merger. The lawsuit alleges that AmTrust misleadingly stated the preferred shares would continue to be listed on the NYSE and would remain listed and outstanding following the Merger. The lawsuit further alleges that contrary to these statements, less than two months following the close of the Merger, on January 18, 2019, AmTrust announced it would delist all six series of AmTrust preferred stock from the NYSE. The prices of the preferred stocks dropped by almost 40% the very next trading day, with the preferred stocks losing hundreds of millions of dollars in value. The class action lawsuit seeks to recover on behalf of purchasers of the preferred stock between January 22, 2018 and January 18, 2019.
If you are a current shareholder and/or purchased stock during the period between January 22, 2018 and January 18, 2019, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.