The Briscoe Law Firm and Powers Taylor Announce Investigation of Fairfax Financial Holdings Limited
28 7월 2011 - 10:09PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the
securities litigation firm of Powers Taylor, LLP announce that a
federal class action lawsuit has been filed against Fairfax
Financial Holdings Limited (“Fairfax Financial” or “FFH”) (NYSE:
FFH). The firms are investigating additional potential legal claims
against the officers and Board of Directors of Fairfax Financial
during the period of May 21, 2003 through March 22, 2006 (the
“Class Period”).
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC toll free (877) 397-5991, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
It has been alleged that during the Class Period, Fairfax
Financial and certain of its officers and directors made materially
false and misleading statements or failed to disclose material
information related to the company’s business and operations in
violation of the Securities Exchange Act of 1934. Specifically, the
lawsuit alleges that Fairfax Financial/FFH defrauded investors by
inflating the value of its assets and concealing its lack of
liquidity. This was allegedly accomplished by accounting for loans
as a type of reinsurance contract. Among other things, it is
alleged that the defendants have: (i) failed to employ adequate
risk transfer tests to determine if reinsurance contracts qualified
for “reinsurance” rather than “deposit” accounting;
(ii) maintained ineffective controls while assuring investors
that the company’s controls were effective; (iii) used privately
held foreign assets domiciled in jurisdictions with lax oversight
to permit the company to manipulate its investment income; (iv)
failed to properly account for losses in companies that should have
been consolidated with Fairfax Financial; (v) improperly accounted
for intercompany transactions; and (vi) used “investments” to
funnel money to cash strapped subsidiaries.
The Briscoe Law Firm is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20
years of experience in complex litigation and transactional
matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
Fairfax (NYSE:FFH)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Fairfax (NYSE:FFH)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024
Fairfax Financial Holdings, Ltd. (뉴욕 증권거래소)의 실시간 뉴스: 최근 기사 0
More Powers Taylor, LLP News Articles