| Company: | AXIS Capital Holdings Ltd. |
| Ticker Symbol: | NYSE: AXS |
| Class Period: | August 6, 2003 to October 14, 2004 |
| Date Filed: | Dec-01-04 |
| Lead Plaintiff Deadline: | Dec-26-04 |
| Court: | Southern District, NY |
| Allegations: |
A class action suit had been filed in the United States District Court for the Southern District of New York on behalf of purchasers of AXIS Capital Holdings Ltd. ("AXIS") (NYSE:AXS) publicly traded securities during the period between August 6, 2003 and October 14, 2004 (the "Class Period").
The complaint charges AXIS and certain of its officers and directors with violations of the Securities Exchange Act of 1934. AXIS is a holding company that through its subsidiaries provides a range of insurance and reinsurance products on a world-wide basis.
The complaint alleges that during the Class Period, defendants disseminated materially false and misleading statements concerning the Company's results and operations. The true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were as follows: (a) that the Company was paying illegal and concealed "contingent commissions" pursuant to illegal "contingent commission agreements;" (b) that by concealing these "contingent commissions" and such "contingent commission agreements," the defendants violated applicable principles of fiduciary law, subjecting the Company to enormous fines and penalties totaling potentially tens, if not hundreds, of millions of dollars; and (c) that as a result, the Company's prior reported revenue and income was grossly overstated.
On October 14, 2004, New York Attorney General Elliot Spitzer announced that he had charged several of the nation's largest insurance companies and the largest broker with bid rigging and pay-offs that he claimed violated fraud and competition laws. On these revelations, the Company's shares fell to $23.36 from $25.89 per share, a drop of 10%.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges AXIS and certain of its officers and directors with violations of the Securities Exchange Act of 1934. AXIS is a holding company that through its subsidiaries provides a range of insurance and reinsurance products on a world-wide basis.
The complaint alleges that during the Class Period, defendants disseminated materially false and misleading statements concerning the Company's results and operations. The true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were as follows: (a) that the Company was paying illegal and concealed "contingent commissions" pursuant to illegal "contingent commission agreements;" (b) that by concealing these "contingent commissions" and such "contingent commission agreements," the defendants violated applicable principles of fiduciary law, subjecting the Company to enormous fines and penalties totaling potentially tens, if not hundreds, of millions of dollars; and (c) that as a result, the Company's prior reported revenue and income was grossly overstated.
On October 14, 2004, New York Attorney General Elliot Spitzer announced that he had charged several of the nation's largest insurance companies and the largest broker with bid rigging and pay-offs that he claimed violated fraud and competition laws. On these revelations, the Company's shares fell to $23.36 from $25.89 per share, a drop of 10%.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Register your Case
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
