A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Triad Guaranty Inc (NASDAQ: TGIC) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on March 21, 2016 and NASDAQ: TGIC investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/16/2016 -- The Shareholders Foundation announced that a deadline is coming up on March 21, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Triad Guaranty Inc (NASDAQ: TGIC) between October 26, 2006 and April 1, 2008.
Investors who purchased a significant amount of shares of Triad Guaranty Inc (NASDAQ: TGIC) between October 26, 2006 and April 1, 2008, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Triad Guaranty Inc (NASDAQ: TGIC) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/triad-guaranty-inc-nasdaq-tgic-investor-securities-class-action-lawsuit-01282009
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is March 21, 2016. The class action administrator for this case is Gilardi & Co. LLC.
The lawsuit was originally filed in North Carolina against Triad Guaranty Inc (NASDAQ: TGIC) over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 26, 2006 and November 10, 2008. According to the complaint the plaintiff alleges that Triad Guaranty Inc (NASDAQ: TGIC) and certain of its officers and directors with violated the Securities Exchange Act of 1934 by issuing between October 26, 2006 and November 10, 2008, materially false and misleading statements regarding the Triad Guaranty Inc's business and financial results. As a result of defendants' false statements, so the lawsuit, Triad Guaranty Inc stock (NASDAQ: TGIC) traded at artificially inflated prices issuing between October 26, 2006 and November 10, 2008, reaching its high of $58.45 per share in January 2007.
However, beginning in late August 2007 and continuing throughout 2008, Triad Guaranty Inc began to acknowledge serious issues surrounding its exposure to anticipated losses and defaults related to its book of business for its Alt-A and pay-option adjustable rate mortgage ("ARM") products written in 2006 and 2007 due to a failure to engage in proper underwriting practices, resulting in a decline in Triad Guaranty Inc's stock price, so the plaintiff. Then, on November 10, 2008, Triad Guaranty Inc issued its financial results for the third quarter of 2008, reporting a net loss for the quarter ended September 30, 2008 of $160.1 million. And on this news, so the plaintiff, Triad Guaranty Inc's stock (NASDAQ: TGIC) price dropped $0.11 per share to close at $0.70 per share on November 11, 2008.
Those who purchased shares of Triad Guaranty Inc (NASDAQ: TGIC) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com