NEW YORK, NY / ACCESSWIRE / August 10, 2019 / Pomerantz LLP is investigating claims on behalf of investors of MBIA Inc. (“MBIA” or the “Company”) (NYSE:MBI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether MBIA and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On August 6, 2019, post-market, MBIA issued a press release announcing its financial results for the second quarter of 2019. The Company reported a consolidated GAAP net loss of $170 million, or $2.02 per share, compared to a consolidated GAAP net loss of $146 million, or $1.64 per share, for the second quarter of 2018. MBIA advised investors that the loss “was mainly driven by loss and loss adjustment expense primarily related to our insurance on Puerto Rico bonds” and that “[f]air value losses on interest rate swaps resulting from lower interest rates also contributed”. On this news, MBIA’s stock price fell sharply during intraday trading on August 7, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP