NEW YORK, Feb. 28, 2017 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against... - From http://www.prnewswire.com/news-releases/harwood-feffer-llp-announces-investigation-of-amtrust-financial-services-inc-300415442.html
NEW YORK, Feb.
28, 2017 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of AmTrust Financial Services, Inc.
("AmTrust" or the "Company") (NASDAQ: AFSI) concerning whether the board has breached its fiduciary duties to shareholders.
Before the market opened on February 28, 2017, AmTrust reported financial results for its fourth quarter and year ended December 31, 2016, including a 43% decline in fourth quarter net income, compared to the same period a year earlier.
AmTrust blamed the decrease in net income on a "a reserve charge of $65 million, or approximately $0.24 per diluted shares, primarily related to strengthening of prior year loss and loss adjustment reserves in our Specialty Program segment." Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.