Atlas Financial Holdings, Inc. (AFH) $5M Investor Settlement
Atlas Financial Holdings, Inc. (AFH) settles $5 million with investors.
The initial complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose:
that the Company failed to employ internal controls to ensure appropriate accounting practices; including, but not limited to, the calculation of certain loss reserves;
that, as a result, the Company’s internal controls over financial reporting were materially weak;
that as a result the Company’s financial statements were inaccurate and misleading, including by understating certain loss reserves; and,
that, as a result of the foregoing, Defendants’ statements about Atlas Financial’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
All Persons and entities that during the period from February 22, 2017, through April 30, 2019, inclusive, purchased or otherwise acquired Atlas Common Stock, and/or Atlas Notes, and/or Atlas Call Options, and/or wrote Atlas Put Options, and were damaged thereby, can be entitled to the payout.