Wolf Popper LLP Announce a Proposed Class Action Settlement Regarding AmTrust Financial Services, Inc. Preferred Stock

NEW YORK, Aug. 29, 2022 /PRNewswire/ -- 

SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT

To: ALL PERSONS WHO PURCHASED AMTRUST FINANCIAL SERVICES, INC. PREFERRED STOCK ON A U.S. OPEN MARKET DURING THE CLASS PERIOD JANUARY 22, 2018, THROUGH JANUARY 18, 2019 ("CLASS PERIOD"), BOTH DATES INCLUSIVE.

Notice is given pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York that Lead Plaintiff Jan Martínek, on behalf of himself and the Class, and AmTrust Financial Services, Inc., Barry D. Zyskind, George Karfunkel and Leah Karfunkel ("Defendants") have reached a proposed settlement of the action titled Martínek v. AmTrust Financial Services, Inc., et al., No. 19 Civ. 8030 (KPF) (the "Action") in the amount of $13,000,000, which if approved will resolve the Action in its entirety (the "Settlement").   In entering into the Settlement, Defendants deny all charges of wrongdoing or liability alleged in the Action, and deny that Lead Plaintiff or the Class suffered damages.

A hearing will be held at 3:00 p.m. on November 16, 2022, before the Honorable Katherine Polk Failla at the United States District Court for the Southern District of New York, Thurgood Marshall U.S. Courthouse, 40 Foley Square, New York, NY 10007 (the "Settlement Hearing"), to determine  (1) whether the Court should approve: (a) the proposed Settlement as fair, reasonable, and adequate; (b) the Plan of Allocation of Settlement funds as fair, reasonable, and adequate; (c) the request by the lawyers representing the Class for attorneys' fees, for the reimbursement of their expenses, and for a Plaintiff Award to Lead Plaintiff, and (2) whether the Court should dismiss the Action with prejudice, as provided in the Settlement.  The Court may change the hearing date, or order that it be held by telephonic or video conference, without further notice to the Class.  However, any changes will be posted on the Settlement Website: www.AmTrustPreferredStockLitigation.com.

If you purchased AmTrust preferred stock on a U.S. open market between January 22, 2018, and January 18, 2019, inclusive, you may be a Class Member and your rights may be affected by this Settlement.  You may obtain, free of charge, a detailed Longform Notice of Proposed Class Action Settlement (the "Notice") and a copy of the Proof of Claim form on the Settlement Website, or by contacting the Claims Administrator, AmTrust Preferred Stock Litigation, A.B. Data, Ltd., at P.O. Box 173022 Milwaukee, WI 53217 or at 1-877-354-3878 (Toll Free) or at info@AmTrustPreferredStockLitigation.com. All capitalized terms not defined herein, are defined in the Notice.  Please note that the Class definition (defined in the Notice) does not include purchasers of solely AmTrust common stock or notes.

If you are a Class Member and wish to share in the Settlement proceeds, you must complete and submit a Proof of Claim Form and required supporting documentation to the Claims Administrator establishing that you are entitled to recovery so that it is postmarked, or submitted online at the Settlement Website, by December 13, 2022.  If you fail to submit a valid Proof of Claim Form and supporting documentation by this deadline in accordance with the instructions in the Form and Notice, you will not recover from the Settlement, but you will nevertheless be bound by the Settlement and releases provided for therein and by the Court's final judgment dismissing the Action with prejudice.  

If you are a Class Member but wish to exclude yourself from the Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice so that it is received no later than October 26, 2022.  If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court in the Action, whether favorable or unfavorable, and you will not be eligible to share in the Settlement proceeds.

If you are a Class Member and wish to object to any aspect of the Settlement, the Plan of Allocation, or any of Counsel's requests, you must submit your written objection in the manner set forth in the Notice so that it is received no later than October 26, 2022.  Only Class Members who have submitted valid and timely written objections and provided notice of their intent to appear in accordance with the instructions in the Notice will be entitled to be heard at the Settlement Hearing.

Inquiries, other than requests for the Notice, may be made to the attorneys for the Class:

Carl L. Stine, Esq.
Wolf Popper LLP
 845 Third Avenue
New York, New York 10022
Tel.: (212) 759-4600
cstine@wolfpopper.com 

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, DEFENDANTS, OR THEIR COUNSEL REGARDING THIS NOTICE.

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

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SOURCE Wolf Popper LLP