AFHIQ.US
id: 763
Atlas Financial Holdings, Inc. (AFH) $5M Investor Settlement
N.D. Illinois
Court1:18-cv-01640
Case number02/22/2017
Class period Start04/30/2019
Class period End10/10/2023
Claim deadlineAtlas 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.
Case Status
Disbursement
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.59
Filing date
03/05/2018
Plaintiffs
Philip Fryman, Aram Hovasapyan, Chuan Ji
Attorneys
Glancy Prongay & Murray LLP (Los Angeles, CA), Law Offices of Howard G. Smith (Bensalem, PA), Lawrence Kamin, LLC (Chicago, IL)
Defendants
Scott D. Wollney, Paul A. Romano
Judge
Hon. Ruben Castillo
Administrator
EPIQ
Court hearing date
09/06/2023
Exclusion deadline
08/16/2023
Objection deadline
08/16/2023
Hearing deadline
08/16/2023
Trades matching type
FIFO
Disbursement date
09/06/2024
+$5,000,000
Cash Settlement Amount