Newman Ferrara LLP Announces Corporate Governance Investigation of Ambac Financial Group, Inc. - AMBC
Newman Ferrara LLP is conducting an investigation on behalf of shareholders of Ambac Financial Group, Inc. (“Ambac” or the “Company”) (NASDAQ:AMBC) into potential breaches of fiduciary duty by the Company’s Board of Directors (the “Board”).
Ambac, headquartered in New York City, is a holding company with subsidiaries engaged in various financial services. In the past few months, a growing number of shareholders have criticized Ambac’s Board and management suggesting that they are diminishing shareholder value by, among other things, providing exorbitant compensation packages for the Company’s CEO Nader Tavakoli, and the members of the Board despite the Company’s flagging stock price and lack of direction. Much of the criticism has centered on Jeffrey Stein, the current Chairman of the Board, that he lacks the ability to fairly assess and oversee Ambac’s direction and leadership. Commenting on the investigation, Newman Ferrara partner Jeffrey Norton noted that, “considering how poorly the Company is performing, the level of executive and board compensation in comparison to Ambac’s peers is particularly alarming.” Newman Ferrara’s investigation into these matters is continuing.
Ambac stockholders seeking more information on this matter are invited to contact Newman Ferrara attorneys Jeffrey Norton (jnorton@nfllp.com) or Roger Sachar, Jr. (rsachar@nfllp.com) to discuss this investigation and their rights.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.
CONTACT:
Newman Ferrara LLP
Jeffrey M. Norton
1250 Broadway, 27th Fl.
New York, NY 10001
Tel: (212) 619-5400
Fax: (212) 619-3090