An investor, who purchased shares of National General Holdings Corp (NASDAQ: NGHC), filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by National General Holdings Corp in connection with certain allegedly false and misleading statements.
Investors in shares of National General Holdings Corp (NASDAQ: NGHC) have certain options and for certain investors are short and strict deadlines running. Deadline: September 23, 2019. NASDAQ: NGHC investors should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
The plaintiff claims that between August 6, 2015 and August 9, 2017, the defendants failed to disclose that National General, together with banking giant Wells Fargo, had engaged in a massive insurance scheme to bilk Wells Fargo customers out of millions of dollars, that through this scheme, National General forced thousands of customers to pay for auto insurance – commonly known as Collateral Protection Insurance (“CPI”) – that they did not need or want. National General served as Wells Fargo’s CPI vendor for all aspects of the program from July 2015 until the program was discreetly terminated in September 2016, that Defendants possessed information showing that these customers already had their own insurance, but forced them to be subject to redundant, unnecessary, and overly expensive CPI policies anyway, and that in addition, while defendants were concealing their participation in the fraudulent CPI scheme from investors, they were reporting revenues and earnings results that had been artificially inflated by the illegitimate proceeds from the scheme.
Those who purchased shares of National General Holdings Corp (NASDAQ: NGHC) have certain options and should contact the Shareholders Foundation.
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